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### Accelerating Universe Model with Varying Cosmological Term

#### Abstract

We consider Bianchi type V cosmological models of the universe for perfect fluid distribution within the framework of general relativity. Exact solution of Einstein's field equations are obtained for two types of cosmologies, viz, Power law for m ≠3 and exponential form for m=3. We propose an alternative law of variation in which the anisotropy *σ/θ* per unit expansion scalar (*θ*) is proportional to a function of average scale factor R. i.e., *σ/θ* ∝ *f*(*R*) where *σ* is a shear scalar. The model begins with initial anisotropy and approaches isotropy at late times. Some cosmological distance parameters for both cosmologies has also been presented.