Kurtovic, A. and Cooper, K., In The Search For Accounting Knowledge - Everything Old Is New Again, School of Accounting & Finance, University of Wollongong, Working Paper 5, 1997.
The following paper will attempt to substantiate claims that the accounting profession, has in over a hundred years, failed to adequately develop. Claims that the accounting profession has done little more than recycle financial accounting issues are not new, with such allegations having vocally surfaced in the past two decades. In order to achieve its aim, this paper will focus on Statement of Accounting Concepts number two [SAC 2], The Objective of General Purpose Financial Reporting. In gaining an understanding of today' s position of SAC 2 and how it has been arrived at, legislation dating over a hundred years will be examined, concluding that the accounting profession has failed to develop. Yet most importantly this paper will conclude that the conceptual framework, the professions unique body of knowledge seems to be little more than a blatant act of plagiarism.