Accounting Principles

Paper Summary:

There are two competing views of accounting principles: one maintaining that accounting principles are based on what is generally done in practice and the other holding that a foundation of fundamental premises ( concepts ) necessarily underlies and determines sound practice (Storey, 1998, p. 1).

From the Paper:

"ACCOUNTING PRINCIPLES: COMPETING VIEWS

There are two competing views of accounting principles: one maintaining that accounting principles are based on what is generally done in practice and the other holding that a foundation of fundamental premises ( concepts ) necessarily underlies and determines sound practice (Storey, 1998, p. 1).

Introduction
This research examines the merits of the two competing views of the philosophical basis for accounting principles as delineated in the above quotation. With respect to the above quotation, its author, Reed Storey (1998), a former senior technical advisor at the Financial Accounting Standards Board (FASB), added that the latter view (that accounting principles are based on ..."

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