An overview of the development of normative and positive accounting theories.
Written in 2008; 3,128 words; 7 sources; APA; $ 91.95
Paper Summary:
This paper discusses all aspects of accounting theory and the history of regulation in the accounting profession that has been implemented as a result of notable financial accounting scandals. It analyzes and synthesizes the normative and positive accounting theories, beginning with the historical background of each theory and a discussion of the suggested changes and problem areas revealed in the debate. It also analyzes the Generally Accepted Accounting Principles (GAAP) in relation to the conceptual framework and concludes with recommendations toward an appropriate course of action.
Outline:
Introduction
Historical Development of Normative and Positive Accounting Theories
Current GAAP Discussion
Positive Accounting Theory vs. Normative Accounting Theory
Changes and Problems Revealed in the Debate
GAAP Analyzation and History in relation to Conceptual Framework
Recommendations for Course of Action
Conclusion
From the Paper:
"In the past few decades, accounting theory has slowly evolved; as a result, various research methodologies have been utilized to study the development of accounting theory. As accounting theory has developed, debates have emerged regarding the manner in which financial theory should be developed and applied in the accounting profession. This has been essentially a normative, philosophical exercise, imposing a view of how actuarial practice should progress (Thomas & Smith, 1997). In recent years, the differences in application between normative versus positive accounting theories have become the subject of much debate, raising the awareness of those involved in the accounting profession. The underlying basis of normative theory is that it assists in standardizing the practice and thus facilitates the teaching of practice in a more coherent manner. The underlying basis of positive theory is intellectual justification; models are derived from observed behavior."
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