The content of this book provides a useful insight to it readers about the development of accounting system in Malaysia, the conceptual framework that underpinned accounting practice particularly the regulatory and professional bodies, the general theories underlying the current practice of accounting reporting, standards and practice, and contemporary issues in financial accounting reporting such as measurements, sustainability reporting and digitisation reporting.
The text, long viewed as the most comprehensive in the field, is the latest version of the first-ever governmental accounting textbook. The book is being used in courses throughout the U.S. and internationally.
First published by Prentice-Hall in 1940, Governmental and Nonprofit Accounting was initially co-authored by Carl H. Chatters and Irving Tenner, prominent leaders in the practice and development of governmental accounting at that time.
McSwain first joined the accounting faculty at Appalachian in 2009. His research has been published in Internal Auditing, Journal of Accounting Literature, Journal of Government Financial Management and The CPA Journal, among others. He has been teaching governmental and nonprofit accounting since 1999 and has more than 14 years of governmental accounting experience in practice.
This is an advanced unit in financial reporting focusing on both theories and practices relating to financial reporting and regulation. Current Australian practice is examined and integrated with broader theoretical perspectives, seeking to provide the student with a comprehensive and up-to-date understanding of contemporary accounting standards and significant issues in the current accounting environment.
Students are able to (1) identify and apply contemporary accounting standards and understand the theories, practices and regulation related to the preparation and presentation of financial reports; (2) critically evaluate and solve accounting problems as an individual and in a team environment; (3) conduct research into accounting issues; (4) demonstrate an ability to work in a team to achieve team goals; (5) identify and use ethical decision-making tools for practical problems; and (6) gain insights into the use of information and communication technology in accounting.
Auditing: A Journal of Practice & Theory contributes to improving the practice and theory of auditing and encompasses internal and external auditing as well as other attestation activities (phenomena). Papers report results of original research that embody improvements in auditing theory or auditing methodology, discussion and analysis of current issues that bear on prospects for developments in auditing practice and in auditing research, and practices and developments in auditing in different countries. It prints quarterly in February, May, August, and November and is an A* journal indexed in Scopus and SSCI.
Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers. Management accounting focuses on the measurement, analysis and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system. Accounting information systems are designed to support accounting functions and related activities.
Accounting is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money; there is also evidence of early forms of bookkeeping in ancient Iran, and early auditing systems by the ancient Egyptians and Babylonians. By the time of Emperor Augustus, the Roman government had access to detailed financial information.
Double-entry bookkeeping was pioneered in the Jewish community of the early-medieval Middle East and was further refined in medieval Europe. With the development of joint-stock companies, accounting split into financial accounting and management accounting.
Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the external users in accordance with generally accepted accounting principles (GAAP). GAAP, in turn, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers.
Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfill the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis, and are not required to follow the generally accepted accounting principle (GAAP). In 2014 CIMA created the Global Management Accounting Principles (GMAPs). The result of research from across 20 countries in five continents, the principles aim to guide best practice in the discipline.
Many accounting practices have been simplified with the help of accounting computer-based software. An enterprise resource planning (ERP) system is commonly used for a large organisation and it provides a comprehensive, centralized, integrated source of information that companies can use to manage all major business processes, from purchasing to manufacturing to human resources. These systems can be cloud based and available on demand via application or browser, or available as software installed on specific computers or local servers, often referred to as on-premise.
Forensic accounting is a specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. "Forensic" means "suitable for use in a court of law", and it is to that standard and potential outcome that forensic accountants generally have to work.
Accounting research is carried out both by academic researchers and practicing accountants. Methodologies in academic accounting research include archival research, which examines "objective data collected from repositories"; experimental research, which examines data "the researcher gathered by administering treatments to subjects"; analytical research, which is "based on the act of formally modeling theories or substantiating ideas in mathematical terms"; interpretive research, which emphasizes the role of language, interpretation and understanding in accounting practice, "highlighting the symbolic structures and taken-for-granted themes which pattern the world in distinct ways"; critical research, which emphasizes the role of power and conflict in accounting practice; case studies; computer simulation; and field research.
I have always preached the importance of learning theory and applying it in practice. The first day in my first development position at the University of Louisville, I felt I had neither theory nor practice influencing me. That is an empty, scared and lonely feeling. I was thankful I had the ability to learn new concepts and seek research results. It served me well in quickly finding answers to questions.
I immediately looked for best of class examples and successful scenarios that I could employ to obtain answers to questions posed to me. I attempted to determine theory while seeking successful results from practice. The first thing I needed to do was seek the difference between theory and practice, and determine how they worked together in a blended fashion.
Steve Klabnik believes there is always a tension between theory and practice. These two separate realms are connected through a process of abstraction and application. To explain this process by way of theory, theory deterritorializes practice, and practice reterritorializes theory: A theory, which is becoming practice; and a practice, which is becoming theory.
To explain, theory is abstracted practice, and practice is applied theory. The only way you can get these two camps to talk to each other is to figure out what the theory says that provides value to those who practice.
Experience teaches us how theory might or might not work in an imperfect world. More importantly, experience prepares us to seek other inputs and different kinds of solutions when the imperfections of the real world bite us. Only in the school of hard knocks does real world experience instill about how to deal with the difference between theory and practice. When experience is theoretical and not practical, mistakes are unavoidable and on-the-job fixes are all that is left.
By watching others and experiencing processes yourself, you will gain confidence over time and strive to seek a mastering state of mind. If you do not have an answer, research it. As the world changes, theories and practices change; be prepared to be adaptable. Develop an ability for life-long learning, and it will serve you well in our dynamic field of endeavor. Seek to understand an array of theories and have the willingness to apply them in practice. Do not be one dimensional. Understand the difference between theory and practice and when to use one, the other or both to your benefit.
AAA. 1966. A Statement of Basic Accounting Theory. American Accounting Association. See Sterling, R. R. 1967. A statement of basic accounting theory: A review article. Journal of Accounting Research (Spring): 95-112.(JSTORlink).
Boockholdt, J. L. 1978. Influence of nineteenth and earlytwentieth century railroad accounting on the development of modern accountingtheory. TheAccounting Historians Journal 5(1): 9-28. (JSTORLink). 2b1af7f3a8