Accounting Theory

Accounting as a discipline has existed since the 15th Century. Since then both businesses and economies have greatly evolved. Accounting theory is a continuously-evolving subject, as it must adapt to new ways of doing business, new technological standards and gaps that are discovered in reporting mechanisms. Organizations such as the International Accounting Standards Board help create practical applications of accounting theory, and professionals such as CPAs help companies navigate accounting standards. The study of accounting theory involves a review of both the historical foundations of accounting practices, as well as the way in which accounting practices are verified and added to the regulatory framework that governs financial statements and financial reporting. Peer review refers to the work done during the screening of submitted manuscripts and funding applications. This process encourages authors to meet the accepted standards of their discipline and reduces the dissemination of irrelevant findings, unwarranted claims, unacceptable interpretations, and personal views. Publications that have not undergone peer review are likely to be regarded with suspicion by academic scholars and professionals.