Essay Available:
Pages:
10 pages/≈2750 words
Sources:
5 Sources
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Research Paper
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 56.16
Topic:
Historical Development of Financial Accounting Theory
Research Paper Instructions:
Topic: Revenue Recognition
Purpose: write a paper that analyzes all aspects of Revenue Recognition
include the following components concerning your topic.
1. Historical development of financial accounting theory.
2. Current Generally Accepted Accounting Principles related to revenue recognition.
3. Compare U.S. GAAP and IFRS with respect to revenue recognition.
4. Suggest changes or areas of concern within the debated topic of revenue recognition.
5. Analyze points 2 and 3 in relation to the Conceptual Framework (include qualitative characteristics of useful information).
6. Suggest appropriate courses of action.
Paper should be 10 pages with 5 scholarly sources. Use peer-reviewed accounting and business journals.
Research Paper Sample Content Preview:
Revenue Recognition
Student’s Name
Institution
Revenue Recognition
Historical Development of Financial Accounting Theory
Understanding the historical development of financial accounting theory can help in explaining the current discipline’s structure and thereby contributing to the debate about the relationship between varying theoretical perspectives (Beattie & Davie, 2006). Factors that have influenced the development of the accounting thought according to Beattie and Davie (2006) include institutions, groups, the accountancy profession, individuals, new ideas, and journals. The development of the accounting thought has also been impacted by the external economic, cultural, and social factors (Beattie & Davie, 2006).
The history of accounting dates back to as early as 7500-3350 BC in Mesopotamia (Berisha & Asllanaj, 2017). During the period, farmers invented symbols to calculate and count the goods they produced. It is the in the same region that accounting continued to develop. As informed by Berisha and Asllanaj (2017), five thousand years before the double entry system emerged, Mesopotamia had in place accountants who recorded economic activity. The accountants who were referred to at the time as “scribes” were employed by private firms, temples, and palaces (Berisha & Asllanaj, 2017). Deals had to be reported to the scribes who prepared financial transaction records and recorded them on clay tablets. In the clay tablets, the names of the contracting parties were recorded alongside the details of the transaction. Accounting also developed in Ancient China, Egypt, and Rome between 3000 BC and 1100 AD. As informed by Berisha and Asllanaj (2017), clay tablets that contained tax records were found three thousand years before Christ’s birth. The use of papyrus in Egypt instead of clay tablets allowed a more detailed capture of the transaction details. During this period, it was necessary for a scribe to be able to write and read more than a thousand symbols. Several horizontal lines in the papyrus allowed the scribes to group the data.
The double accounting system emerged in 1494 due to the influence of writing development, capital accumulation, and trade and production (Berisha & Asllanaj, 2017). It is also during this period that other disciplines such as art, philosophy, science, architecture, and literature developed. As such, the increasing need for financial information contributed to further development of accounting. According to Berisha and Asllanaj (2017), the double accounting system has proved useful up to date. Accounting further developed during the 18th century when Great Britain strengthened its economy (Berisha & Asllanaj, 2017).
The year 1854 saw the establishment of the first professional national accounting body in Scotland. The body was known as the Institute of Chartered Accountants of Scotland (ICAS). This was followed by the establishment of the Institute of Accounting Experts in Great Britain and Wales (ICAEW) in 1880. With ideas and capital moving to the US from Great Britain, accounting practice and theory in the former were developed. This influenced the establishment of the National Accounting Institute in 1887. A further increase ...
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