Problems in Implementing Theoretical Concepts in Practical Accounting

DOI

10.2991/aebmr.k.220307.181How to use a DOI?

Keywords

Accounting Theories; Accounting Practice; Accounting Management; Intervention Theories; Bridging Theories and Practice

Abstract

Accounting sector experiences technicalities in data-keeping and retrieving due to the changing technology. As a result, accountants have to remain updated on the new technological practices adopted to enable effectiveness and efficiency in the industry. For this reason, accountants may face challenges in implementing theoretical concepts by either adopting outdated theories or conflicting theories in practical accounting. Thus, the study investigates the possible problems accountants experience in their daily accounting activities. In this way, the study explores problems associated with theoretical concepts like adopting outdated theories and conflicting theories in actual practice. The study furthers investigation on the contemporary and future implications of adopting outdated and inconsistent approaches and correlated impacts in the entire accounting practice. Nonetheless, the paper makes predictions for future development and suggestions on possible issues. The study uses the findings and analysis of verifiable literature, searched with Keywords: like accounting theories, accounting practice, accounting management, intervention theories, and bridging theories and practice. Consequently, the study revealed that the dynamic contexts of the contemporary accounting paradigm require accountants to remain vigilant on the emerging technology, especially in the incorporation of the emergent technological systems into the practical accounting practice. Besides, accountants must analyze the type of theory used in actual practice. Some accounting theories might be outdated to the current system or inconsistent with the understanding founded by the primary ideas. Most of the iconic disclaimers vigilant to incorporating the accounting theories into the practical practice include consistency with measurability, future assessment, historical costs, estimates, changing accounting policies, verifiability, errors, and frauds.

Copyright

© 2022 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

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TY  - CONF
AU  - Ping Zhou
PY  - 2022
DA  - 2022/03/26
TI  - Problems in Implementing Theoretical Concepts in Practical Accounting
BT  - Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
PB  - Atlantis Press
SP  - 1099
EP  - 1103
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220307.181
DO  - 10.2991/aebmr.k.220307.181
ID  - Zhou2022
ER  -