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Accounting and Society - Essay Example

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However, no such conclusion was provided within the video as to which perspective is better of the two. This creates a knowledge gap and thus provides the researchers with the opportunity to bridge the gap by setting forth an in depth research regarding the best perspective that should be implemented in accounting practices. Previous literatures have suggested that the arguments in favour of implementing the pro regulation perspective of accounting and arguments against the utilization of free market perspective have been influenced by political, social, economic and research consequences. Thus the primary objective of this research is to do a critical evaluation providing evidence regarding the implementation of the above mentioned approaches. The paper will also highlight the political, social, economic and research influences that have historically impacted on the level of accounting regulation in a developed economy with established security markets. Following the in-depth analysis of the factors, remarks will be put forward as to which accounting standard should be implemented. In order to carry on the research efficiently and effectively specific set of tasks will be divided between the two members. One member of the group will be primarily responsible for doing a critical evaluation of the pro-regulation perspective whereas the other member will be assigned with the responsibility of analyzing the free market perspective....
Extensive literature review will be done in order to justify every comment that will be made. The literatures that will form the groundwork of this research are peer reviewed journals that cover different aspects of these accounting regulation perspectives. Three peer reviewed articles will be used in order to explain the implementation of the literature in order to explain the topic of issue. In addition to that, the video that has been used as the basis for initiating the research process will also serve as a useful resource. The overall time frame required for this research is 2 months. The tasks that will be performed over the course of these 2 months have been explained in the following table. Timeline (Source: Author’s creation) PART B Previous literatures in the field of accounting regulation acknowledged the social, economic, and political factors that are associated with the advancements made in the accounting rules and explained the events that led to the formulation of different regulatory frameworks that are internationally accepted. Those literatures have also highlighted the aims and purposes of accounting regulation and also identified the necessity for imposing these rules from many different perspectives, particularly, the social, economic and professional perspectives. The present study endeavours to gather and to contrast in one place the different perspectives regarding the pro-regulations and free market approach to accounting practices. This study will only include reference papers and articles which have explained and established the theory of accounting regulation. Thus issues that have been discussed within this essay are not exhaustive they do not necessarily represent the last research dealing with these issues.  The relevance of ...Show more
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Summary

It often provides a perspective that accounting information should be treated like other goods, and demand and supply forces should be allowed to operate so as to generate an optimal supply of information about an entity. …
Accounting and Society
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