The academic base of the profession: an Edinburgh case study

Article Abstract:

Following the introduction of the concept of 'relevant accounting degrees' by the Institute of Chartered Accountants of Scotland in 1974, when it was estimated that 58 percent of accounting students graduated with relevant degrees, the number of relevant accounting degrees has been growing; in 1985, it was estimated that 85 percent of the accounting graduates held relevant degrees. Accounting educational courses at the University of Edinburgh are described, and a brief history of accounting education in Scotland from 1919 to the present is provided. Lack of sufficient funding for the accounting department at Edinburgh is analyzed, and four related problems are identified: (1) inadequate staffing levels, (2) high turnover among the departmental staff, (3) relatively low salaries for accounting teachers, and (4) reduced levels of research in the field.

Services, Education, Scotland, Study and teaching, Accountants, Edinburgh, University of

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Corporate financial reporting at the crossroads

Article Abstract:

Examination of trends in corporate financial reporting reveals a proprietary attitude toward reported information by the reporting entity. This attitude has in turn led to the use of 'creative' accounting practices. The conservatism of the accounting profession and a lack of specific reporting objectives have allowed distortions of fact to go unreported. The proliferation of accounting standards has tended to shift the emphasis of the accountant's work from judgment to compliance. One way to improve the quality of financial reporting is to restore the importance of professional judgment. Accountants can counteract the trend toward creative accounting by regarding all reported information as a means to the truth, rather than as a subterfuge.

Management

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The Solomons report: the search for reporting truth continues

Article Abstract:

A review of the Solomons report on financial reporting standards reveals that the report has several features which greatly limit its impact on accounting practices. Some of the general constraints of the report are that the effects of standards are ignored; the need of general purpose accounting is assumed without question; and there is no justification for the choice of reporting model.

United Kingdom, Analysis, Reports, Accounting and auditing, Institute of Chartered Accountants in England and Wales, Great Britain

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