In pursuit of a foundational accountancy philosophy
PDF

Keywords

Accountancy
Accounting Philosophy
Accounting Theory
Financial Reporting

Abstract

Recent accounting history is characterised by many developments, including several high-profile corporate failures, such as Enron, Parmalat and even Saambou, as well as major developments in financial reporting standards, such as the broadbased acceptance of international financial reporting standards and the convergence efforts between the UK-based International Accounting Standards Board and the US-based Financial Accounting Standards Board. As a result, long-accepted accounting assumptions are being challenged in favour of new principles and practices. Furthermore, in academic circles the scientific foundation of accounting is being questioned. At many universities, limited education is taking place in the underlying theory and philosophy of accounting in favour of teaching prospective accountants how to pass difficult professional exams.

Seen against this backdrop, a reconsideration of the objectives and purpose of accountancy may be overdue. This article attempts to illuminate the intrinsic assumptions and objectives of accountancy, seen in the light of modern-day accounting issues and developments.
https://doi.org/10.4102/koers.v73i3.171
PDF

Copyright information

  • Ownership of copyright in terms of the Work remains with the authors.
  • The authors retain the non-exclusive right to do anything they wish with the Work, provided attribution is given to the place and detail of original publication, as set out in the official citation of the Work published in the journal. The retained right specifically includes the right to post the Work on the authors’ or their institutions’ websites or institutional repository.

Publication and user license

  • The authors grant the title owner and the publisher an irrevocable license and first right and perpetual subsequent right to (a) publish, reproduce, distribute, display and store the Work in  any form/medium, (b) to translate the Work into other languages, create adaptations, summaries or extracts of the Work or other derivative works based on the Work and exercise all of the rights set forth in (a) above in such translations, adaptations, summaries, extracts and derivative works, (c) to license others to do any or all of the above, and (d) to register the Digital Object Identifier (DOI) for the Definitive Work.
  • The authors acknowledge and accept the user licence under which the Work will  be published as set out in https://creativecommons.org/licenses/by/4.0/ (Creative Commons Attribution License South Africa)
  • The undersigned warrant that they have the authority to license these publication rights and that no portion of the copyright to the Work has been assigned or licensed previously to any other party.

Disclaimer: The publisher, editors and title owner accept no responsibility for any statement made or opinion expressed by any other person in this Work. Consequently, they will not be liable for any loss or damage sustained by any reader as a result of his or her action upon any statement or opinion in this Work. 
In cases where a manuscript is NOT accepted for publication by the editorial board, the portions of this agreement regarding the publishing licensing shall be null and void and the authors will be free to submit this manuscript to any other publication for first publication.

Our copyright policies are author-friendly and protect the rights of our authors and publishing partners.