Legitimacy lost: accountancy's predicament
Buys, Pieter Willem
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The objectives and purpose of accounting theory as being promulgated by key global accounting regulators seem to downplay accounting's stewardship function in favour of providing information to specific categories of user-groups. The Metatheoretical assumptions upon which modern-day accounting theory is based, especially seen against the ethical failures of recent corporate history and accounting's role therein, raise several philosophical questions regarding the legitimacy of 21st century accountancy. In this article I will reflect upon on four key issues in respect of accounting theory, namely i) key ethical aspects, ii) a philosophical foundation, iii) the value concept and iv) decision-usefulness, as pertaining to the legitimacy of accounting in order to re-focus the paradigm context of the accounting sciences of the modern era.