accounting practice research definition

Accounting Research for Shaping a Better World

In previous contributions to the Knowledge Gateway, we proposed a long overdue redefinition of accounting as “a technical, social and moral practice concerned with the sustainable utilisation of resources and proper accountability to stakeholders to enable the flourishing of organisations, people and nature”. [1] This proposal unmistakably presents accounting in substance as a multidimensional technical, social and moral practice rather than a mere neutral, benign, technical practice.

In the first of these Knowledge Gateway contributions, entitled “ Redefining Accounting for Tomorrow ”,  we argued “how we define accounting today and what defines accounting tomorrow are fundamental to the purpose, value and identity of the accountancy profession”. The proposed definition “engages with the full dimensions of accounting as an enabling, disenabling and pervasive practice as has emerged in recent decades and reflects the discipline’s growing interdisciplinary orientation”.

Subsequently, an SOS was issued for accounting educators, to contribute to developing accounting and accountants for shaping a better world in the second contribution, entitled “ SOS Accounting Educators: Developing Accounting and Accountants for a Better World ”. Herein, we argued “professional accountants and non-accountants alike need to appreciate and understand the effects of accounting upon organizations, people and nature to help shape a better world”.  Having received overwhelming acceptance and support for our definition from academics, we turn to its implications for accounting research.

Accounting research helps in understanding our past and present, in terms of historical and contemporary studies respectively, so that we apply accounting knowledge and practice in creating a sustainable future. It informs teaching and learning and contributes to understanding the nature, roles, uses and impacts of accounting in the world. This understanding contributes to the capacity of the profession, through cross-disciplinary interaction and engagement combined with an enhanced appreciation of non-financial schemas of value and their potential use in shaping a better world. Accounting education and accounting research are inseparable. One should not be undertaken in any formal, higher education context without the other. This is not negotiable in our view.

As in the second contribution, we urge the international accountancy profession to make accounting research more central to accounting development, particularly to its redevelopment and proposed intention or aspiration “to enable the flourishing of organisations, people and nature.” In addition, accounting educators can be more impactful and enhance their value by teaching students to understand, portray and practice accounting as a multidimensional technical, social and moral practice for shaping a better world.

Accounting researchers are encouraged to become more interdisciplinary in their research to leverage off other disciplines playing paramount roles in dealing with big challenges and perplexing issues in local, national, regional and international contexts. Urgent among them are climate crisis, pandemics, sustainability, human rights, poverty and inequality, oppression and warfare, hunger and food insecurity, water provision and management, global refugee movements, health care provision, habitat and biodiversity, government corruption and accountability, education availability and accessibility. 

Building on accounting research undertaken in the sociological, interpretive, and critical tradition from the early-to-mid 1980s, accounting education will benefit from being strategically oriented towards our proposed new definition of accounting. Such researchers focus attention on exploring and better understanding the enabling, disenabling and pervasive characteristics of accounting. Particularly, they reveal how it impacts human behaviour, shapes organisational and social culture, and address the implications for organisational and social functioning and development.

Paradoxically while the volume and diversity of accounting research conducted and published internationally has strongly grown across the past four decades, the accountancy profession appears to be overlooking accounting research findings and related opportunities for advancement of the public interest and the betterment of society and nature. Accounting educators and researchers, as well as professional accountants and professional accountancy organizations, can further apply themselves to do more to optimize their full potential and grow more connected to each other. Greater cohesive action and connectivity is desirable, for the best interests of accountancy and its stakeholders, including society and the natural environment.

Bridging this unhelpful, extending divide is crucial for the collective accountancy profession to make an optimal and impactful contribution to shaping a better future. In explicit terms, the accountancy profession, including professional accountants and professional accountancy organizations, as well as accounting educators and researchers, all need to be more closely engaged and strategically connected.

Learning from our past, we can shape our future from tomorrow for the greater good of people, nature, and the planet. For instance, a major international evaluation of the impacts of New Public Management (NPM), enabled in action by means of techniques and processes of accounting, is both overdue and necessary. Under NPM, there is growing and concerning evidence of the goal displacement effect towards business profit/commercial returns and a divergence away from community and society service.

Around the world, today’s accountancy students, as well as tomorrow’s, are the next generation of accountants. These students require an appreciation of the big issues society and nature face. They will, with appropriate, stimulating leadership and guidance, react positively and co-operatively to a future integration of accounting educators and researchers and the professional accountancy associations and practicing professional accountants.

A precedent for collaboration exists. During the early-to-late 1970s and the 1980s, academic accountants regularly published articles in professional accounting journals. This and other forms of connection and engagement offer the prospect of a future profession that engages far more proactively with the human issues and their moral, social, institutional, economic and environmental aspects.  Addressing this broad landscape requires the mutual respect and collaboration of all the key players in the accounting discipline if accountancy is to realise its full potential for shaping a better world.

This multifaceted technical, social and moral agenda can be effectively and innovatively deployed in helping to adequately deal with big challenges and perplexing issues confronting society. The notion of “governance by numbers” has gained almost unquestioned currency today. According to Supiot, “governance by numbers gives immense power to those who construct the figures, because this is conceived as a technical exercise which needs not be exposed to open debate” (2017, p. 163). However, as a multifaceted technical, social and moral practice, accounting becomes misunderstood when engaged as merely technical, in operation.

Of importance to a future holistic accounting research strategy, our proposed new definition of accounting offers a framework of key conceptual questions:

• Technical practice: "How do we do accounting?"
• Social practice: "What does accounting do?"
• Moral practice: "What should accounting do"  or  "What should accounting not do?"

Importantly, accounting is more influential in the world and in our lives than many people may think. A broader, clearer, more realistic and ‘game-changing’ definition of accounting, which portrays the discipline as “an instrumental social and moral practice” (Carnegie , et al., 2022, p. 9) is a critical step to take.

In a complex and complicated world, these questions are intended for accounting to be understood and appreciated as being well beyond some supposedly objective set of rules to be applied.  Instead, accounting needs to be “fit-for-purpose”, undertaken with full regard for the diversity of organizational and social contexts in which it operates.  

We encourage professional and academic accountants alike to view accounting more holistically if it is to meet its full potential and responsibility. This lack of connectedness is now seen to be an inherent weakness of the profession. This can and indeed should be ameliorated by leaders on both sides of the international profession for the discipline to become more instrumental in shaping a better world from tomorrow.

   [1]  For in-depth coverage, see Carnegie, et al. (2021) and Carnegie, et al. (2022). 

  References

Carnegie, G., Parker, L. and Tsahuridu, E. (2020), It’s 2020: what is accounting today?  Australian Accounting Review , Vol. 31 No. 1, pp. 65-73, available at:  https://onlinelibrary.wiley.com/doi/epdf/10.1111/auar.12325

Carnegie, G.D., Ferri, P., Parker, L.D., Sidaway, S.I.L. and Tsahuridu, E. E. (2022), Accounting as technical, social and moral practice: the monetary valuation of public cultural, heritage and scientific collections in financial reports,  Australian Accounting Review , 5 April, available at:  https://onlinelibrary.wiley.com/doi/full/10.1111/auar.12371

Supiot, A. (2017),  Governance by Numbers: The Making of a Legal Model of Allegiance , Oxford: Hart Publishing.

Garry Carnegie

Emeritus Professor, Department of Accounting, RMIT University

Garry Carnegie is an Emeritus Professor of RMIT University having served as Head, School of Accounting and Professor of Accounting at RMIT from 2010 to 2017. Prior to joining academe in 1985, Professor Carnegie gained experience in the IT industry, professional accounting services and in financial services. Prior to joining RMIT, he held full-time professorial posts at Deakin University, Melbourne University Private/The University of Melbourne, and at the University of Ballarat (now Federation University Australia). He was the Editor/Joint Editor of Accounting History for a continuous period of 25 years and is an Associate Editor of Accounting, Auditing & Accountability Journal. He is Joint Editor of the EE Handbook of Accounting, Accountability and Governance.

Lee Parker is Research Professor of Accounting, Glasgow University, Scotland . Globally published, Lee is joint founding editor of Accounting, Auditing & Accountability Journal and member of over 20 journal editorial boards. He has been President: Academy of Accounting Historians (USA), American Accounting Association Public Interest section, Vice-President (International) American Accounting Association, President CPA Australia (SA Division), Deputy Chair Australian Institute of Management (SA), member of the Australian Accounting Hall of Fame and the Australian Centre For Social and Environmental Accounting Research Hall of Fame.

Eva Tsahuridu, PhD

Business Ethicist, Board Director

Dr. Eva Tsahuridu is a business ethicist who has been researching, teaching and advising on business and professional ethics for over two decades.  Eva is currently a board director and advisor.  She is the section editor of Practice in Business Ethics of the Journal of Business Ethics, an executive editor of Philosophy of Management and the deputy chair of the Australasian Business Ethics Network. Eva writes for practitioner and academic publications and her research interests include personal and organisational ethical conduct, whistleblowing, ethical and professional standards and philosophy of management.

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Accounting Practice: Definition, Methods, and Principles

Investopedia / Matthew Collins

What Is Accounting Practice?

Accounting practice is the process and activity of recording the day-to-day financial operations of a business entity. Accounting practice is necessary to produce the legally required annual financial statements of a company. There are different accounting methods that companies can choose to use, and there are principles that companies must abide by. Generally accepted accounting principles  (GAAP) refer to a common set of accounting principles, standards, and procedures issued by the  Financial Accounting Standards Board  (FASB). Public companies in the United States must follow GAAP when their accountants compile their financial statements. Changes to the way a business compiles and reports its financials can be time consuming and costly.

Key Takeaways:

• Accounting practice is the recording of the day-to-day financial operations of a business entity necessary to produce the legally required financial statements.
• Public companies in the United States must follow GAAP in their accounting practice.
• Two popular accounting methods are cash accounting and accrual accounting.

Understanding Accounting Practices

Accounting practice is necessary so that a company can produce the annual and legally required financial statements. Business financial statements include:

• The income statement
• The comprehensive income statement
• The balance sheet
• The statement of cash flows
• The statement of stockholders equity

Historical accounting postulates form the standardized basis of an accounting practice. Companies use various accounting methods, the two primary methods being cash accounting and accrual accounting.

Cash Accounting

For cash accounting , revenue and expenses are recorded as they are received and paid, and transactions are only recorded when cash is spent or received. For example, in cash accounting, a sale is recorded when the payment is received, and an expense is recorded only when a bill is paid. This method is the most typically used method for small businesses. However, if a business generates over $5 million in sales for the year, it must choose the accrual accounting method, according to the Internal Revenue Service .

Accrual Accounting

Accrual accounting is based on the matching principle, which is intended to match the timing of the realization of revenues and an expense. By matching revenues with expenses, the accrual method gives a more accurate picture of a company's true financial position. Under the accrual method, transactions are recorded when they are incurred rather than when payment is actually made. This means a purchase order is recorded as a revenue even though the funds are not received immediately. The same goes for expenses in that they are recorded when the payment may not yet have been made.

Accounting Principles

Accounting principles are rules and concepts applied to accounting activities. GAAP refers to a common set of accounting principles, standards, and procedures issued by the  Financial Accounting Standards Board  (FASB). Public companies in the United States must follow GAAP principles when compiling their financial statements. GAAP is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. GAAP aims to improve the clarity, consistency, and comparability of financial information. Some examples of GAAP principles are the following:

The Revenue Recognition Principle

This principle applies to the revenue entered on the income statement. Revenue is the gross inflow of cash and receivables of an enterprise from the sale of goods of services or the yielding of any interest, royalties , and dividends .

Historical Cost Principle

The historical cost principle requires that the price paid for an asset at the time of its acquisition is the basis for its treatment in subsequent accounting periods. If the asset is acquired at no cost, the item will not be recorded as an asset. For example, a company's reputation is a valuable asset, but it is not recorded in the accounts.

Matching Principle

The matching principle requires that a company report an expense on its income statement for the period in which the related revenues are earned. Additionally, a liability should be entered on the balance sheet for the end of the accounting period. The matching principle is associated with the accrual method of accounting and it requires entry adjustments.

Full Disclosure Principle

According to this principle, the financial statements should convey information and not conceal it. Financial statements should disclose all relevant information. Because of the principle of full disclosure , companies append notes to their financial statements.

Objectivity Principle

According to the objectivity principle, the accounting data should be definite, verifiable, and free from the personal bias of the accountant. Each transaction recorded in the accounts should have evidence to support it, for example, in the form of receipts, cash memos, or invoices.

Special Considerations for Accounting Practice

As the physical and digital worlds have integrated over time, today's accounting information systems are typically computer-based methods with special accounting software.

Accounting practices and their attached systems produce financial reports used internally by management to assess performance and for strategic planning. Financial reports are also used by external stakeholders including investors, creditors, and tax authorities. When paired with accounting practices, accounting information systems support all accounting functions and activities including auditing, financial accounting and reporting, and tax management and accounting. 

Accounting practice culture often sets individual standards, behaviors, and attitudes. These ways of doing business can manifest into good and bad norms on aggregate. In the worst cases, accounting practice can lead to financial scandals. High profile scandals include Enron in 2001; Sunbeam, WorldCom , and Tyco in 2002; and Toshiba in 2015 .

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Accounting Research Tutorial: Accounting Research

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Accounting Research Tutorial

Step 1) Establish the Facts; Identify the Issues

 "The researcher's first task is to gather the facts surrounding the particular problem. However, problem-solving research cannot begin until the researcher has clearly and concisely defined the problem. One needs to know the 'why' and 'what' about the issue in order to begin the research process." 1 We will use the merger in 2001 between America Online and Time Warner to form Time Warner as our example. Internet portal America Online paid $147 billion for media conglomerate Time Warner in 2001. But the book value of Time Warner's assets was only $51 billion. The enormous $96 billion difference amounts to "Goodwill", or the value of Time Warner's brands, trademarks and other intangible assets, "subtracting an astonishing $1.5 billion a quarter from the bottom line." 2 How is this "Goodwill" accounted for in the new AOL Time Warner's financial statements? What effect will the new Financial Accounting Standards Board (FASB) Statement 142 concerning Goodwill and Other Intangible Assets  have on AOL's financial reporting? What are the implications of deals like this on the integrity of financial statements used by investors, analysts, regulators and others? Step 2) Make a List of Keywords and Concepts Accounting terminology embodies established accounting issues. Most Handbooks and Textbooks have excellent indexes that will lead you to discussions of the topic and provide you with potential keywords and concepts you can use in your search. Accountants' Handbook. Vol 1., Financial Accounting and General Topics and Vol.2., Special Industries and Special Topics are available online. Checkpoint offers the Handbook on Accounting and Auditing published by Warren, Gorham and Lamont as past of its WG&L Library . Goodwill is an "Intangible Asset" resulting from a "Business Combination" and is defined "as the excess cost of an acquired company over the sum of identifiable net assets." 3 Critical issues in accounting for Goodwill involve "Valuation" and "Amortization", the "Purchase Method" vs. "Pooling-of-Interests Method" of accounting for "Business Combinations.".  So now we have a vocabulary we can use when searching for information: Goodwill, Business Combinations, Intangible Assets, Valuation, Amortization, Purchase Method, and Pooling-of-Interests. We might add "Mergers" and "Acquisitions" and additional terms as we learn more about the topic. Step 3) Use the Accounting Information Center to Identify Research Resources The Accounting Information Center to find accounting standards, artcies, books, case studies, databases, examples, websites and other resources to use in researching accounting issues. We will discuss specific sources in the following steps. Step 4) Find an Overview of the Topic Handbooks and Textbooks are often the best places to start looking for information on unfamiliar topics. Their mission is to define, explain and provide examples for students and practitioners. The Accountants' Handbook. Vol.1: Financial Accounting and General Topics and Vol.2.: Special Industries and Special Topics are both in netLibrary. You must be careful about the date of publication. Many accounting issues are in flux and may be under consideration by the accounting standard setters such as the American Institute of Certified Public Accountants (AICPA ) , the Financial Accounting Standards Board (FASB) , the Public Company Accounting and Oversight Board , the U.S. Securities and Exchange Commission or the International Accounting Standards Board (IASB) . We will learn that is precisely the case regarding Goodwill Accounting. Use ABI/INFORM , Business Source Premier (EBSCO) , Factiva ,  Nexis Uni , and The Wall Street Journal to search for well-written articles in journals, magazines and newspapers. These play an important role in informing professionals and the public about current issues and controversies. The World Wide Web offers a new way to search for information about accounting topics. Google is especially good for quickly finding relevant material. In all cases you must carefully consider the authority, reputation and timeliness of the source of the information. Step 5) Identify Authoritative Pronouncements Accounting research relies heavily on authoritative precedents promulgated by recognized standard setting bodies.  The Financial Accounting Standards Board (FASB ) is currently making available the full text of the FASB Statements on the FASB Website . Users must agree not to store copies on their computers or link directly to the statements. The AICPA Library is now available in RIA Checkpoint . It includes the AICPA Professional Standards with every Statement on Auditing Stanadrds (SAS), the Technical Practice Aids , the Audit and Accounting Guides and Other Audit Risk Alerts .  Nexis Uni   has a variety of AICPA Publications including the Industry Audit Guides and the Statements on Auditing Standards (SAS) , the Miller GAAP and GAAS Guides , The Journal of Accountancy , the CPA Letter and others. We have print subscriptions to many of these publications in the Business Reference area in Library West. New FASB Statements and AICPA Auditing Standards are published in the Journal of Accountancy.   Checkpoint has the AICPA's Statements of Position (SOPs) . Both AICPA and FASB make some information about current issues freely available on their Websites. In June 2001 FASB issued Statement Of Financial Accounting Standards (SFAS) No. 14: Business Combinations and SFAS No. 142: Goodwill and Other Intangible Assets , replacing the Accounting Principles Board Opinions Nos. 16 & !7, that previously guided accounting for goodwill in business combinations. Henceforth, all Business Combinations must be accounted for using the purchase method with Goodwill treated as an asset on the balance sheet that must be regularly reviewed for impairment. The pooling-of-interests method is no longer allowed and Goodwill is not amortized. Step 6) Search for Articles, Case Studies and Examples About the Issues and Their Implications Online article databases including ABI/INFORM , Business Source Premier (EBSCO) , Factiva and  Nexis Uni   offer a tremendous opportunity for finding  background information, literature reviews, specific examples, practical and public policy implications and other material on virtually any substantive accounting issue. The more controversial the issue the more likely it is to be widely discussed in the periodical literature. Step 7) Search the Web Google will help you locate additional materials freely available. Step 8) Examine the Financial Statements Published in SEC Filings U.S. and Foreign Companies whose stock trades publicly in the United States are required to file audited financial statements that meet U. S. Generally Accepted Accounting Principles (GAAP ) with the Securities and Exchange Commission (SEC) . These are made available in the SEC's EDGAR database. You can also retrieve EDGAR filings in Factiva , D&B Hoovers , S&P NetAdvantage ,  Mergent Online , and Statista , as well as Corporate Investor Relations sites. Pay particular attention to the Financial Footnotes published in the 10Ks where significant accounting policies are disclosed These are usually found in Note 1. For example, in AOL's September 2001 10Q (quarterly filing) there are numerous references to "goodwill" due to the substantial negative impact on earnings of amortizing the excess purchase price under current rules. In 2002 under the new FASB Statement 143 the charges to earnings were magically transformed into an asset carried on future balance sheets. Reported earnings greatly benefited. Step 9) Search Investment Research Reports Goodwill is a good example of an accounting issue that has major implications for investment analysis and strategy. Investment banks all have sophisticated research departments that analyze accounting rule changes for their impact on financial statements, corporate strategy and investment opportunities.  D&B Hoovers   has a good selection of reports from leading firms including Credit Suisse, Deutche Banke and others that evaluate the impact of changes in Goodwill Accounting. Refinitiv's After Market Research (AMR) has thousands of current and historical investment research reports. And you will find numerous, detailed reports on all major publicly traded companies. Step 10) Putting It All Together Now you should have command of the topic. You know the accounting terms used to describe the issues. You are familiar with specific information resources. You’ve located overviews, articles and other material that provide a basic understanding and perspective on the issues as well as areas where controversy remains. You’ve identified relevant information sources, databases, books, reports and Web sites and utilized effective search strategies. You know the important published authoritative and semi-authoritative pronouncements and who issued them. You have seen examples in published financial statements. You’re ready to apply all of this information to your specific situation. 1.Thomas R. Weirich and Alan Reinstein. Accounting & Auditing Research . 4th ed. (Cincinatti, Ohio: South-Western College Publishing, 1996), 12. 2. Pablo Galarza. "The Goodwill Games." Money 30 No. 13 (December 2001): 61. In  ABI/INFORM . 3. D.R. Carmichael, Setphen B. Lilien and Martin Mellman. Accountants' Handbook . 9th ed. (New York: John Wiley & Sons, 1999) Volume 1: 17.1.

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Accounting Theory: Research, Regulation and Accounting Practice

Pacific Accounting Review

ISSN : 0114-0582

Article publication date: 19 September 2008

Vosslamber, R. (2008), "Accounting Theory: Research, Regulation and Accounting Practice", Pacific Accounting Review , Vol. 20 No. 3, pp. 284-286. https://doi.org/10.1108/01140580810920263

Emerald Group Publishing Limited

Copyright © 2008, Emerald Group Publishing Limited

Accounting theory tends to be one of the less popular undergraduate accounting papers. Most accounting students can prepare and interpret financial data; but many struggle to grasp “abstract” concepts and then discuss and write about them. However, any prospective member of the New Zealand Institute of Chartered Accountants must grapple with theory if they wish to join.

A well‐written text can be a lifeline for students, many of whom will be confronting philosophical concepts for the first time. Anyone writing such a text must balance several conflicting pressures: the text must simplify and clarify without being simplistic or misleading; the author may present his or her own views, but must not ignore or unduly disparage alternatives; and the text must cover the field without swamping the reader. But perhaps above all, the writer must convince the student that theory is important, relevant, and worthy of study. Gaffikin clearly believes that this is so, concluding his preface, “This book draws attention to some of the many different dimensions accounting theorists must recognise if they are to provide a responsible accounting practice” (p. xi).

The ten chapters of the text are divided into five parts. Part 1 is entitled “The need for theory in accounting”. Theory plays a particular role: “Generally speaking, theories provide the reasoned basis for actions – for practice” (p. 4). Gaffikin then provides thumbnail discussions of basic concepts: ontology, epistemology, methodology and methods, before endeavouring to provide a historical sketch of the development of Western knowledge in the space of a dozen or so pages. Having provided this context and certain tools used in theory and theory construction, Gaffikin suggests that “it is possible to make a more rigorous and informed assessment of theories in accounting, which is the aim of any course in accounting” (p. 19).

Part 2, entitled “Developing the boundaries of accounting theory”, moves from theory in general, to accounting theory more specifically. Chapter 2 commences with Pacioli and ends around 1970. The discussion highlights the normative basis of accounting research prior to about 1970, as illustrated by the search by professional bodies and accounting theorists (e.g. Chambers and Mattessich) for accounting principles. This period is characterised by a “scientific”, hypothetico‐deductive approach to theory construction, and by the publication of various statements on accounting theory (e.g. ASOBAT, SATTA).

Chapter 3 continues the story from 1970. In contrast to the normative deductivism that preceded it, this period is characterised as the age of induction, of neo‐empiricism. Gaffikin suggests that Capital Markets Research, and more particularly Positive Accounting Theory, came to dominate accounting theorising. This dominance is attributed to increased availability of computing power, and “the power contained and exercised by a certain group of accounting institutions” (p. 68).

The final three parts might be considered to be applications of accounting theory in three areas. Part 3 considers accounting regulation. Despite having previously suggested that, “In some respects regulation can be viewed as a substitute for theory” (p. xi), Gaffikin now melds regulation with theory – chapter 4 being headed “Regulation as accounting theory”. Chapters 5 and 6 go on to discuss the practice of standard setting (including the conceptual framework project), and accounting in the context of globalisation.

Part 4 extends the boundaries of accounting to include alternative approaches to accounting theory development, the role of ethics, and Corporate Social Responsibility and environmental accounting. Part 5 looks to the future and asks whether accounting is merely a craft at the whim and fancy of its practitioners, or instead a professional practice that will truly serve the interest of the societies in which it operates (p. 220).

Gaffikin's work is a useful attempt to offer a coherent and concise explanation of the basis for theory and its relation to accounting practice that he suggests most accounting theory books fail to provide. Its length is ideal for an upper level undergraduate course. Each chapter could stand alone, or be used as the reading for a particular lecture or session. However, in part because of the succinctness of the work, a number of issues ought to be borne in mind.

First, the book is likely to be useful for a range of readers, but may not be suitable in all circumstances. An undergraduate with little or no practical accounting experience, and (all too often) no knowledge of history and philosophy, may struggle with aspects of this book. The discussion of the key concepts of ontology, epistemology and methodology (pp. 6‐8) may be too scant for such a reader.

Further, the pages are packed with proper nouns and acronyms derived not just from accounting, but from philosophy and history. Numerous specific personages and theories are mentioned with limited explanation. As an example, a table is presented listing 12 varieties of language or linguistic paradigms from Analytical Linguistics to Theory of Signs (Table 10.1) without an explanation of each paradigm or indication of relevance.

Conversely, someone wishing to dig deeper may be similarly frustrated by a lack of depth and the need to locate the sources for certain quotes themselves (for example, direct quotes from the writings of Milton Friedman (p. 41) and Plato (p. 179)).

In short, the text may not be a one‐stop shop; but as a complement to lectures and tutorials, or as a reference, it certainly has a place.

Second, even after nearly 300 pages, it is still not clear that there is such a thing as accounting theory. Theory, yes, and accounting, yes – but is there a discrete body of knowledge that might be labelled accounting theory? How much, if any, of the book would have had to be changed if the work had been entitled Management theory, or, for that matter, Chemical theory?

Further, should we speak of accounting theory? Gaffikin himself suggests that there can be no one theory of accounting (p. 239).

Certainly these concerns could be raised against any accounting theory text. However, it comes to the fore in this work, as unlike other standard texts on accounting theory (e.g. Godfrey, J., Hodgson, A., Holmes, S., and Targa, A. (2006), Accounting Theory , Milton, John Wiley & Son, Queensland), theory is not set side‐by‐side with the practice of accountants specific to their discipline (e.g. the preparation of financial statements). By isolating the discussion of theory from the everyday world of accounting, there is a real danger of driving in further the already sharp wedge between academia and practice.

However, this might be seen as an advantage of this text: in avoiding discussion of specific accounting applications, it may encourage a focus on theory per se – something that is seriously lacking in much accounting pedagogy today.

Third, Gaffikin concludes that: “accountants need to be aware of social, political, legal and linguistic considerations and not just serve the economic interests of a few members of society” (p. 239). However one is tempted to ask, “Why not?” How does one move from accounting theory and practice (the “what is”) to accounting ethics (the “what ought to be”)? The explication of this link is missing in this text.

Michael Gaffikin set himself an ambitious task, and in measure has succeeded. The individual chapters of Accounting theory: Research, Regulation and Accounting Practice provide a useful springboard for discussions of and instruction in accounting theory. Hopefully, as they draw attention to the role and nature of accounting theory, responsible accounting practice will be promoted.

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ICAEW Academy’s in-depth leadership development programmes take a holistic approach to combine insightful mentoring or coaching, to exclusive events, peer learning groups and workshops. Catering for those significant transitions in your career, these leadership development programmes are instrumental to achieving your ambitions or fulfilling your succession planning goals.

Specialist Finance Qualifications & Programmes

Whatever future path you choose, ICAEW will support the development and acceleration of your career at each stage to enhance your career.

Why a career in chartered accountancy?

If you think chartered accountants spend their lives confined to their desks, then think again. They are sitting on the boards of multinational companies, testifying in court and advising governments, as well as supporting charities and businesses from every industry all over the world.

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Helping skilled and in-demand chartered accountants give back and strengthen not-for-profit sector with currently over 2,300 organisations posting a variety of volunteering roles with ICAEW.

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Start your ACA training with ICAEW. Find out why a career in chartered accountancy could be for you and how to become a chartered accountant.

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"how to guides" for aca students.

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Here are some resources you will find useful while you study for the ACA qualification.

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All ACA learning materials are now digital only. Read our guide on how to access your learning materials on the ICAEW Bookshelf via the BibliU app, or through your browser.

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Once you are registered as an ACA student, you'll be able to access your training file to log your progress throughout ACA training.

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Getting started.

Welcome to ICAEW! We have pulled together a selection of resources to help you get started with your ACA training, including our popular 'How To' series, which offers step-by-step guidance on everything from registering as an ACA student and applying for CPL, to using your online training file.

Credit for prior learning (CPL)

Credit for prior learning or CPL is our term for exemptions. High quality learning and assessment in other relevant qualifications is appropriately recognised by the award of CPL.

Apply for exams

What you need to know in order to apply for the ACA exams.

The ACA qualification has 15 modules over three levels. They are designed to complement the practical experience you will be gaining in the workplace. They will also enable you to gain in-depth knowledge across a broad range of topics in accountancy, finance and business. Here are some useful resources while you study.

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You will receive your results for all Certificate Level exams, the day after you take the exam and usually five weeks after a Professional and Advanced Level exam session has taken place. Access your latest and archived exam results here.

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We are here to support you throughout your ACA journey. We have a range of resources and services on offer for you to unwrap, from exam resources, to student events and discount cards. Make sure you take advantage of the wealth of exclusive benefits available to you, all year round.

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The ACA will open doors to limitless opportunities in all areas of accountancy, business and finance anywhere in the world. ICAEW Chartered Accountants work at the highest levels as finance directors, CEOs and partners of some of the world’s largest organisations.

ACA training FAQs

Do you have a question about the ACA training? Then look no further. Here, you can find answers to frequently asked questions relating to the ACA qualification and training. Find out more about each of the integrated components of the ACA, as well as more information on the syllabus, your training agreement, ICAEW’s rules and regulations and much more.

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Guidance and resources to help members comply with their legal and professional responsibilities around AML.

Technical releases

ICAEW Technical Releases are a source of good practice guidance on technical and practice issues relevant to ICAEW Chartered Accountants and other finance professionals.

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ICAEW's Thought Leadership reports provide clarity and insight on the current and future challenges to the accountancy profession. Our charitable trusts also provide funding for academic research into accountancy.

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Practical, technical and ethical guidance highlighting the most important issues for members, whether in practice or in business.

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Bloomsbury – free for eligible firms

In partnership with Bloomsbury Professional, ICAEW have provided eligible firms with free access to Bloomsbury’s comprehensive online library of around 80 titles from leading tax and accounting subject matter experts.

• Bloomsbury Accounting and Tax Service

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Our resources by country provide access to intelligence on over 170 countries and territories including economic forecasts, guides to doing business and information on the tax climate in each jurisdiction.

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Audit and Assurance

The audit, assurance and internal audit area has information and guidance on technical and practical matters in relation to these three areas of practice. There are links to events, publications, technical help and audit representations.

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Companies, advisers and investors making decisions about creating, developing and acquiring businesses – and the wide range of advisory careers that require this specialist professional expertise.

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Corporate governance is the system by which companies are directed and controlled. Find out more about corporate governance principles, codes and reports, Board subcommittees, roles and responsibilities and shareholder relations. Corporate governance involves balancing the interests of a company’s many stakeholders, such as shareholders, employees, management, customers, suppliers, financiers and the community. Getting governance right is essential to build public trust in companies.

Corporate reporting

View a range of practical resources on UK GAAP, IFRS, UK regulation for company accounts and non-financial reporting. Plus find out more about the ICAEW Corporate Reporting Faculty.

Expert analysis on the latest national and international economic issues and trends, and interviews with prominent voices across the finance industry, alongside data on the state of the economy.

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View articles and resources on the financial services sector.

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For ICAEW's members in practice, this area brings together the most up-to-date thought leadership, technical resources and professional guidance to help you in your professional life.

Public Sector

Many ICAEW members work in or with the public sector to deliver public priorities and strong public finances. ICAEW acts in the public interest to support strong financial leadership and better financial management across the public sector – featuring transparency, accountability, governance and ethics – to ensure that public money is spent wisely and that public finances are sustainable.

Sustainability and climate change

Sustainability describes a world that does not live by eating into its capital, whether natural, economic or social. Members in practice, in business and private individuals all have a role to play if sustainability goals are to be met. The work being undertaken by ICAEW in this area is to change behaviour to drive sustainable outcomes.

The Tax area has information and guidance on technical and practical tax matters. There are links to events, the latest tax news and the Tax Faculty’s publications, including helpsheets, webinars and Tax representations.

Keep up-to-date with tech issues and developments, including artificial intelligence (AI), blockchain, big data, and cyber security.

Trust & Ethics

Guidance and resources on key issues, including economic crime, business law, better regulation and ethics. Read through ICAEW’s Code of Ethics and supporting information.

Communities

ICAEW Communities

Information, guidance and networking opportunities on industry sectors, professional specialisms and at various stages throughout your career. Free for ICAEW members and students.

• Discover a new community

ICAEW Faculties

The accountancy profession is facing change and uncertainty. The ICAEW Faculties can help by providing you with timely and relevant support.

• Choose to join any of the faculties

UK groups and societies

We have teams on the ground in: East of England, the Midlands, London and South East, Northern, South West, Yorkshire and Humberside, Wales and Scotland.

• Access your UK region
• Worldwide support and services

Support and services we offer our members in Africa, America, Canada, the Caribbean, Europe, Greater China, the Middle East, Oceania and South East Asia.

• Discover our services

ICAEW Faculties are 'centres of technical excellence', strongly committed to enhancing your professional development and helping you to meet your CPD requirements every year. They offer exclusive content, events and webinars, customised for your sector - which you should be able to easily record, when the time comes for the completion of your CPD declaration. Our offering isn't exclusive to Institute members. As a faculty member, the same resources are available to you to ensure you stay ahead of the competition.

Communities by industry / sector

Communities by life stage and workplace, communities by professional specialism, local groups and societies.

We aim to support you wherever in the world you work. Our regional offices and network of volunteers run events and provide access to local accounting updates in major finance centres around the globe.

• Ukraine crisis: central resource hub

Learn about the actions that ICAEW members are taking to ensure that their clients comply with sanctions imposed by different countries and jurisdictions, and read about the support available from ICAEW.

Insights pulls together the best opinion, analysis, interviews, videos and podcasts on the key issues affecting accountancy and business.

• See the latest insights
• Making COP count

This series looks at the role the accountancy profession can play in addressing the climate crisis and building a sustainable economy.

• Read more on COP28

Professional development and skills

With new requirements on ICAEW members for continuing professional development, we bring together resources to support you through the changes and look at the skills accountants need for the future.

• Visit the hub

When Chartered Accountants Save The World

Find out how chartered accountants are helping to tackle some of the most urgent social challenges within the UN Sustainable Development Goals, and explore how the profession could do even more.

• Read our major series

Insights specials

A listing of one-off Insights specials that focus on a particular subject, interviewing the key people, identifying developing trends and examining the underlying issues.

Top podcasts

Insights by topic.

ICAEW Regulation

• Regulatory News

View the latest regulatory updates and guidance and subscribe to our monthly newsletter, Regulatory & Conduct News.

• Regulatory Consultations

Strengthening trust in the profession

Our role as a world-leading improvement regulator is to strengthen trust and protect the public. We do this by enabling, evaluating and enforcing the highest standards in the profession. 

Regulatory applications

Find out how you can become authorised by ICAEW as a regulated firm. 

ICAEW codes and regulations

Professional conduct and complaints, statutory regulated services overseen by icaew, regulations for icaew practice members and firms, additional guidance and support, popular search results.

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• Accounting research

Finding accounting research

This page provides an overview of the wide range of academic research outputs that are available through the icaew library, in both print and electronic formats., icaew and academic research, research outputs in the icaew digital archive, research outputs in the library print collection, research outputs available via our online databases, research indexes, related resources.

ICAEW has a long history of supporting and funding research of interest to the accountancy profession and the wider business community, often through its charitable trusts . As well as providing grants in aid of particular research projects, the Institute has worked to establish vital infrastructure for the production and communication of research in accounting and related fields — as exemplified by the creation of the PD Leake Professorship of Finance and Accounting in 1954, and the founding of the  Accounting and Business Research  (ABR) journal in 1970.

Today, the Institute  continues to take steps  in support of this aim. It remains committed to furthering the development of knowledge and understanding across its areas of interest, both through the funding of research projects on key areas of  thought leadership , and by facilitating the dissemination and preservation of research outputs. Here, the ICAEW Library plays a key role, collecting and providing access to an extensive range of research publications running from the early days of the profession up to the present.

This guide provides a high-level overview of the full range of scholarly research outputs — both ICAEW-funded and otherwise — which are accessible through the Library. If you wish to browse the most recent academic research reports funded by the Institute's charitable trusts, please follow the link below:

• Browse the latest academic research reports funded by ICAEW's charitable trusts

ICAEW's Digital Archive contains a number of research reports and briefings which were produced with the help of a grant from the Institute’s charitable trusts. These publications are publicly accessible via the link below:

• Browse archived research outputs funded by ICAEW's charitable trusts

To refine the list of results by contributor, date, or subject, use the facets that appear on the left-hand side of the screen. Alternatively, click on the '+FILTER' button to filter by title, date, ICAEW department, or file name.

Papers published in Accounting and Business Research (ABR)

One of the key sites of publication for research papers on accounting and related topics is Accounting and Business Research (ABR), a journal established by ICAEW in 1970. The Institute published the journal until 2002; it was subsequently published by Wolters Kluwer / CCH until 2011, when it was taken on by its present publisher, Taylor & Francis.

ABR has consistently maintained an association with ICAEW, and has published many papers supported and/or funded by the Institute. In its first few decades the journal produced a number of special issues in collaboration with ICAEW — in 1993 the Institute’s Research Board financed a special issue on corporate governance, for instance. More recently, ABR began publishing ICAEW's PD Leake lectures and the papers presented at its annual Information for Better Markets  (IFBM) conferences, both funded by the Institute’s charitable trusts. Since 2006 the latter have been published in an annual International Accounting Policy Forum special issue. Further information on the history of the journal can be found in a number of articles held in the Library collection.

The ICAEW Library holds a complete reference collection of print editions of ABR from 1970 to the end of 2022, along with later International Accounting Policy Forum special issues. You can request a full-text copy of a particular article through our  document supply service . Abstracts of articles published in the journal may be browsed via the following links:

• Browse abstracts on the Taylor & Francis website
• Browse abstracts on the Library catalogue (selected articles only)

Papers published in other academic journals

In addition to ABR, the Library collection includes a number of other academic journals containing research papers on accounting and related topics. Some of these titles are being collected on an ongoing basis; others are archived. A selection of these print journals is set out below, along with links to abstracts of particular articles. You can request a full-text copy of an article held in our collection through our document supply service .

The following academic journals are currently being collected by the Library:

• Academy of Accounting Historians Section of the American Accounting Association
• Browse abstracts
• Request an article
• Auditing section of the American Accounting Association
• Browse abstracts (Library catalogue)
• Browse abstracts (Publisher's website)
• Institute for Fiscal Studies
• John Wiley & Sons
• Routledge, for the European Accounting Association
• Elsevier for the V.K. Zimmerman Center for International Accounting Education and Research
• Palgrave Macmillan

To browse the Library’s full collection of print journals, search the Library catalogue or see our journals pages.

Standalone research papers, reports and books

As well as its extensive range of academic journals, the Library holds a large print collection of ‘standalone’ research papers, reports, theses and books. Some of these were published and/or funded by ICAEW; others were not.

It should be noted that, over the years, ICAEW has published standalone research outputs under various different 'imprints'. Academic research published by the Institute in recent years is simply marked ‘ICAEW Charitable Trusts’; past imprints include the ‘ICAEW Centre for Business Performance’ and the ‘ICAEW Centre for Business Research’.

As a starting point, the Library's print collection of standalone research outputs (not all of which are strictly 'scholarly') may be browsed by topic via the following links:

• Audit and assurance
• Corporate finance
• Sustainability

To create more specific searches tailored to your particular interests, you may search the Library catalogue yourself — see our LibCat help page  for guidance.

ICAEW members, ACA students and other entitled users have direct access to a large amount of scholarly material — both journal articles and eBooks — via the following online databases.

EBSCO Business Source Corporate Plus

The Business Source Corporate Plus database from EBSCO contains a large number of scholarly articles on accounting and related topics, drawn from a vast array of academic journals. The database is accessible to logged-in ICAEW members, ACA students and other entitled users.

Information on how to search and browse the database  can be found on our dedicated Business Source Corporate page. For curated selections of the online journals contained within it, see our journals pages.

Latest articles

To view topic-based listings of the latest academic articles available via Business Source Corporate Plus, please log in .

Emerald Insight

Three more online journals containing research papers on accounting, auditing, business and related topics are accessible to logged-in members, ACA students and other entitled users via the Emerald Insight database.

To view these titles and browse and search the articles available in each, please log in .

ProQuest Ebook Central

A small selection of scholarly eBook titles — both monographs and edited volumes — are available to ICAEW members and ACA students via the ProQuest Ebook Central platform. For more information, and to browse and search the available titles, please see our Ebook Central page .

In the pre-digital age, one of the most common ways to locate academic research on accounting and finance was to consult the print indexes of journal article abstracts published by Anbar from the early 1960s until 2000, and subsequently by Emerald from 2001 to 2006. The volumes for accounting and finance were published in association with ICAEW.

These volumes may be helpful if you are seeking to identify older research papers. The Library holds the following Anbar and Emerald indexes containing accounting and finance abstracts for the period 1972 to 2006:

• Anbar Yearbook (1972-1993)
• Anbar Accounting and Finance Abstracts (1994-1997)
• Anbar Management Abstracts (1998-2000)
• Emerald Management Reviews (2001-2006)

In addition to the above, the Library also holds many other volumes containing abstracts on accounting, finance and management, running from the 1960s up to the 2000s.

Further information on ICAEW's support for academic research can be found on the following pages:

• Academic research funding and reports
• Apply for research project funding

Can't find what you're looking for?

The ICAEW Library can give you the right information from trustworthy, professional sources that aren't freely available online. Contact us for expert help with your enquiries and research.

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Every effort has been made to ensure that the information given in this Research Guide is correct. However, the content of websites changes frequently and users should satisfy themselves that the information they contain is suitable for the purposes for which they wish to use it. We would be grateful to receive notification of any broken links at [email protected] .

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice .

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What is Accounting Research?

Accounting research managers perform close analyses of significant economic effects and events through the expert application and interpretation of financial information. Through the implementation of this know-how, this discipline can be used to make educated implications and predictions about the state of the economy and economic events.

This discipline of research is an umbrella that covers several nuanced but closely related disciplines underneath it. In the context of academia, it is recognized as being applicable to all different aspects of the discipline.

Resource:  Top 10 Online Accounting Degree Programs

Academic context versus practice

All of the different aspects that this discipline is applicable to are handled through the scientific method. Outside of the context of academic studies, practicing accountants use their studies in an applied model for the purpose of assisting their clients with ongoing problems.

What some have suggested to be the key difference between researching and practicing could be vaguely compared to the subtle distinction there is between a Doctor of philosophy and a Doctor of business administration.

While a Doctor of philosophy is commonly sought after by those who seek to perform theoretical studies, a Doctor of business administration is commonly sought out by those who have more of an interest in applied studies; this is comparable to the manner in which accountants’ studies is used for more scientific methodology-based exploration, while practicing accountants apply their knowledge to achieve a certain observable end for the benefit their clients.

Changes with the advent of new financial efficiency

Though the academic context does have some heavily theoretical aspects to it, it is still perfectly capable of producing very significant, palpable benefits for the discipline in practice. There have historically been a number of changes to the nature of financial education in higher academia that have led to some new distinctions made between the study-based application and the practicing application, though the overlap is still respected when it is relevant.

Throughout history, the definition of the term has shifted in the way that it is interpreted. The earliest emergence of accounting studies can be traced back to before the 1960s, at which time an ongoing discussion centered around what the most proper form of the study should be interpreted as.

In the late 60s, the discipline developed into a form more based in positive research due to the onset of big changes in finance thanks to more efficient market hypothesis, large-scale data set establishment, and enhanced statistical analysis capacity by financial firms.

Significance

A number of cynics have briefly described the term at times as being identifiable as any piece of literature that generously makes reference to many other published papers; despite this cynical interpretation, it has been found to be capable of providing real value.

The right caliber of accountant-spearheaded studies can be highly valuable for credibly ascertaining the exact effect of significant economic happenings with the expert verification, analysis, abstracting and reporting of complex financial details. Through this methodolofy, hidden truths about the state of the economy as a whole can be interpreted through the right lens applied to standardized financial information that may have otherwise gone overlooked.

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Accounting Theory: Research, regulation and accounting practice

2008, Faculty of Commerce Papers

Related Papers

Michael Gaffikin

Over the years there have been many arguments and debates over the necessity for regulation. Those who believe in the efficacy of markets argue that regulation is not necessary as market forces will operate to best serve society and optimise the allocation of resources. However, there are many who point out that markets do not always operate in the best interests of societies so some form of intervention in the form of regulation is necessary. This is obvious in many aspects of society. For example, if there were no road rules for drivers chaos would result on the roads. If there were no restrictions on some “economic” activities then there would not be any need of drug smugglers as the market would indicate the need (demand) for drugs which would subsequently be supplied. These are obviously extreme examples but it is not hard to realise that there are many instances were regulations protect societies from undesirable activities.

International Journal of Critical Accounting

mohammad nurunnabi

Accounting, Organizations and Society

Christopher Napier

Purpose – To revisit the special issue of Accounting, Auditing & Accountability Journal published in 1996 on the theme “Accounting history into the twenty-first century”, in order to identify and assess the impact of the special issue in shaping developments in the accounting history literature, and to consider issues for future historical research in accounting. Design/methodology/approach – A retrospective and prospective essay focusing on developments in the historical accounting literature. Findings – The special issue’s advocacy of critical and interpretive histories of accounting’s past has influenced subsequent research, particularly within the various research themes identified in the issue. The most significant aspect of this influence has been the engagement of increasing numbers of accounting historians with theoretical perspectives and analytical frameworks. Research limitations/implications – The present study examines the content and impact of a single journal issue. It explores future research possibilities, which inevitably involves speculation. Originality/value – In addressing recent developments in the literature through the lens of the special issue, the paper emphasises the unifying power of history and offers ideas, insights and reflections that may assist in stimulating originality in future studies of accounting’s past.

In previous papers (Gaffikin 2005a, 2005b, 2005c, 2006) the discussion has examined accounting as a science, with attempts to employ a scientific methodology; as a purely technical expression of economic theory, heavily dominated by research in finance; and as part of “law”, albeit law (regulation) heavily influenced by dominant economic and political ideology. That discussion revealed that all these perspectives have suffered from severe shortcomings. Fortunately, there are other perspectives on accounting which may prove more fruitful and some of these will be discussed in this paper. A common element in many of these alternatives approaches is to view accounting as a social science.

This paper describes the development of what has been regarded as accounting theory concentrating largely on that in the first 70 years of the 20th century. It demonstrates that a major motivation for this theory was the generally accepted belief in the need for greater conceptual rigour in accounting theory and research. A major part of this theorising was designed to solve a major accounting problem, viz accounting in periods of changing prices, notably inflation. In examining this early theorizing the paper describes the elements of theories and their use by academic theorists, practitioner theories and theories from various committees.

Critical Perspectives on Accounting

Dale Tweedie

This paper argues Axel Honneth’s critical theory can advance critical accounting research, especially within the Frankfurt School tradition. As prior accounting scholars have shown, Frankfurt School critical theory aims to mobilize rationally-defensible norms embedded in, or ‘immanent’ to, extant social practice that can effect emancipatory social change. While prior critical theory focuses on Jürgen Habermas, Honneth offers a promising alternative. Habermasian critical accounting derives critical norms from rational pre-conditions of autonomous social discourse. Honneth mobilises a broader set of norms from two alternative sources: (i) a philosophical anthropology of recognitive self-development; and, (ii) sociological reconstructions of normative pre-conditions of specific institutions or social practices. Honneth’s critical theory can illuminate injustices and pathologies in which accounting is complicit, but which fall outside of Habermas’ discursive-procedural lens. The paper illustrates these possibilities across multiple levels of critical accounting research. Within organisations, Honneth’s philosophical anthropology of recognition can provide a richer phenomenology of how accounting practices or systems can impair subjects’ self-relations. Honneth’s normative sociology also suggests some less historically contingent, more rationally-grounded strategies to critique accounting institutions and frameworks that violate their own enabling promises or norms.

Accounting History

Alan J . Richardson

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