Accounting Theory: a Neglected Topic in Academic Accounting Research

A careful examination of accounting literature reveals the prospect for developing normative accounting that is capable of meeting society's needs at any given time. Despite the importance and the possibility of developing such a type of theory, research concerning normative theorization ceased in favor of the new empirical accounting research,which investigates the usefulness of accounting information to decision-making. The emergence of the new financial empirical paradigm mandated the elimination of the conventional paradigm. Judged by its relevance to accounting practice, contemporary academic accounting research seems to be moving away from accounting practice, broadening the schism between theory and practice. Those who have been worried about such schism will benefit from reading this book. As the market efficiency is being questioned, accounting academics and graduate students need to be aware, or critical about, the dominant financial empirical paradigm and its underlying assumptions. This book will familiarize them with an important accounting discourse which will potentially open new avenues for them to research and contribute their thoughts.