Accounting theory and conceptual frameworks

8 Accounting theory andconceptual frameworksAfter studying this chapter you should be able to:&explain what Accounting theory is&describe the main attempts at constructing an Accounting theory &appraise current developments in the area&describe and discuss the contents of the IASB framework &appraise the quality and usefulness of the IASB framework in the context of itsself-declared purposes&describe and discuss the parts of IAS 1 relating to Accounting concepts andpolicies&appraise the overall effect of the framework and comparable parts of IAS chapter is about to deal with something that many people believe does not exist asingle generally accepted Accounting theory . There is no generally accepted accountingtheory at this time even though many attempts have been made to formulate to Eldon S. Hendriksen inAccounting theory (1977), theory as it applies to Accounting is the coherent set of hypothetical, conceptualand pragmatic principles forming the general frame of reference for a field ofinquiry.

8 Accounting theory and conceptual frameworks After studying this chapter you should be able to: & explain what accounting theory is & describe the main attempts at constructing an accounting theory & appraise current developments in the area & describe and discuss the contents of the IASB Framework & appraise the quality and usefulness of the IASB Framework in the context of its

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