In pursuit of a foundational accountancy philosophy

Abstract

Recent accounting history is characterised by many developments, including several high-profile corporate failures, such as Enron, Parmalat and even Saambou, as well as major developments in financial reporting standards, such as the broad-based acceptance of international financial reporting standards and the convergence efforts between the UK-based International Accounting Standards Board and the US-based Financial Accounting Standards Board. As a result, long-accepted accounting assumptions are being challenged in favour of new principles and practices. Furthermore, in academic circles the scientific foundation of accounting is being questioned. At many universities, limited education is taking place in the underlying theory and philosophy of accounting in favour of teaching prospective accountants how to pass difficult professional exams. Seen against this backdrop, a reconsideration of the objectives and purpose of accountancy may be overdue. This article attempts to illuminate the intrinsic assumptions and objectives of accountancy, seen in the light of modern-day accounting issues and developments.

Onlangse rekeningkunde geskiedenis word gekenmerk deur baie ontwikkelings, insluitend verskeie hoë-profiel korporatiewe mislukkings, soos Enron, Parmalat en selfs Saambou, asook belangrike ontwikkelings in finansiële verslagdoening, soos die wydverspreide aanvaarding van internasionale finansiële verslagdoeningstandaarde en die samesmeltingspogings tussen die VK-gebaseerde Internasionale Rekeningkundige Standaarde Raad en die VSA-gebaseerde Finansiële Rekeningkundige Standaarde Raad. As gevolg hiervan, word aanvaarde rekeningkundige aannames lank reeds bevraagteken ten gunste van nuwe beginsels en praktyke. Verder word die wetenskaplike grondslae van rekeningkunde in akademiese kringe bevraagteken. By baie universiteite vind beperkte opvoeding in die grondliggende teorie en filosofie van rekeningkunde plaas, ten gunste van pogings om voornemende rekenmeesters te leer hoe om moeilike professionele eksamens te slaag. Gesien teen hierdie agtergrond, is die heroorweging van die doelwitte en doelstellings van rekeningkunde waarskynlik alreeds nodig. Hierdie artikel poog om lig te werp op die intrinsieke aannames en doelwitte van rekenmeesterskap, in die lig van moderne rekeningkundige probleme en ontwikkelings.