This is a theory based paper aimed at discussing the basic ideas related to rethinking the functional purpose, logic and principles of accounting in accordance with emerging trends that have developed in recent years in emerging economies and specifically in Nigeria. It is a qualitative research using discussion and explanatory methods. The fulcrum of these discussions and explanations is the interaction between accounting and neoclassical theory of finance in developing economies like Nigeria. The ideas discussed in this paper would be specifically useful for researchers trying to comprehend the intricacies and complexities of transformational ideologies and accounting profession in the 21st century revolutionary economic dynamisms. The paper discovered that, first; the controlling function of accounting has been replaced by its information and communication functions. Secondly, the present set of accounting standards which are function oriented is not adequate to harmonize the ideological aspect of accounting into its functional areas. In line with these findings, the paper recommends the harmonization of accounting functionality to its ideological and methodological usefulness. This is because there are non-professional users of financial statements and reports that do not understand the accounting reports and hence the need to simplify accounting reporting for easy understanding. Key Words: Neoclassical Economic Theory, Modern Accounting, Accounting Standards, Technology Dependent Business World..