The Accounting Perspective Re-Examined.

Abstract The article focuses on various aspects related to accounting. It says that challenges facing the accounting discipline excite the imagination proffering an opportunity to re-examine the pivotal perspective underlying accountancy. To begin with, one is struck by the critical surveys of accounting literature of the past several decades that reveal all too clearly that accountancy has reached an apparent cul de sac in its theoretical development. A number of distinguished members' of the accounting academia have at various times directed attention to this situation. Undoubtedly, there are many reasons for the impediment of the theoretical development of accountancy, although one basic obstacle appears to stand out more prominently than others. This is the accountant's general concept of theory. In spite of well-established and progressive concepts of theory existing in the physical and social sciences, the vast majority of accounting writers regard theorizing as an activity that should follow rather than precede practice. Latest theories, however, is now working on economy of thought, guide for the selection and study of crucial problems and guide for systematic and cumulative research.