Business, Management and Accounting
8 years ago

Outdated Accounting Practices Leave Investors Vulnerable to Corporate Fraud

Management accounting quarterly
Accounting Theory: Missing in Action? Little Has Changed in the 500 Years since Luca Pacioli Introduced Accounting "Theory" by Describing the Accounting Practices in Use at the Time and Explaining the Rationale Behind the Methods
G. R. Cluskey, Craig R. Ehlen, Richard Rivers

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Recent corporate and audit failures have shown the importance of having a clear accounting theory to guide practitioners. A survey of accounting doctoral programs found that many do not include enough accounting theory in their curricula. This lack of guidance could indicate a need for change in these programs. The American Accounting Association has made efforts to establish a basic accounting theory, but there is still no universally accepted framework. Accounting theory is essential for transparent reporting and building public confidence in financial statements.