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Accounting Theory and Current Issues


Accounting Theory and Current Issues

Executive Summary 

This report has been prepared in order to determine information on how accounting theories are relevant to companies and is their importance for financial reporting. In order to do this, two journal articles have been chosen and interpreted. They have been compared with one another. Due to this report and interpretation of their findings, it can be derived that the findings will be having different types of implications on external stakeholders, which have been discussed in the report. Thus, it has been helpful for deriving information on the relevance and significance of accounting theory.

A brief introduction or overview of what the report is about

Accounting is an important part of every business. However, in order to conduct accounting within the context of an organization, it is necessary to have an in-depth knowledge on the different theories of accounting (Wang, 2015). As stated by Vollmer (2018), accounting theory can be referred to as the different set of assumptions, methodologies and frameworks, which are used in the study as well as for the application of the principles of financial reporting. Thus, in order to prepare the financial reports of a company, accounting theory is of great significance. These theories provide financial information related to the economic affairs in an organization to its interested parties to be used for making decisions. This report has been prepared on the topic accounting theory and has been conducted with the help of two diverse journal articles. The two journal articles, their purposes and the different research questions they set are going to be evaluated in this report. It will also be conducting a detailed analysis of the implications that the outcomes or research findings of these journal articles for three different external reporting stakeholders - accounting regulators, accountants of Australian companies and shareholders. 

a. An explanation of the reasons (at least 3) why your group has selected the two research articles relating to your topic

Accounting theories are of great significance (Gaffikin & Aitken, 2014). The two journal articles, which have been selected for the preparation of this report on accounting theory are “Measurements of Accounting Conservatism in Research Intensive Industries from Different Financial Reporting Settings”, written by Philip Rickard in 2016 and “The role of accounting theory in the development of accounting principles”, written by D Coetsee in 2010. These two articles will be justifying the statement of significance of accounting theories. There are various reasons for which these two journal articles have been chosen. The three main reasons for which the journal article of D Coetsee has been selected for this report are -

With the help of this article, knowledge can be developed on how accounting theory plays its role in the development of accounting principles needed in financial reporting. 

The article also helps in focusing on the descriptive and normative approach towards the development of accounting theories. 

It also helps in the determination of the role that the developments of the possible decision-useful theory of accounting play in the creation of suitable accounting principles. 

On the other hand, the three main reasons for which the journal article of Philip Rickard stated above have been selected are as follows -




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