The Contribution of Academic Research to Accounting and Financial Essay

The Contribution of Academic Research to Accounting and Financial Regulation - Essay Example 1). Despite the contribution of academic research in advancing theory, however, Coetsee (2010, p. 1) pointed out that no comprehensive theory in accounting has emerged. I have used only accounting journals except one which is a journal in management. I believe that the definitions of â€Å"accounting† and â€Å"financial regulation† in the journals have the same standard and the definitions are basically common in the profession. There can significant variations, however, in the area of financial regulation as the definitions can reflect theories on how financial regulation can best be implemented. In any case, the specific definition of accounting and financial regulation follows what the author or authors have used in their works. Some of the authors do not even have a definition of â€Å"accounting† and â€Å"financial regulation†, perhaps as a tacit assumption that there is a usual definition of the concepts in the accounting journals anyway. ... 273). Academic research is usually associated with research that is undertaken for its own sake, something done for the advancement of knowledge. It is different from the other kind of research which is usually described as policy-oriented. Academic research is usually found in journals while policy institutes, government, financial regulators, and consultancy groups usually undertake policy research. Although academic research is usually described as theory-oriented, in accounting it seems difficult to separate the theory part and the parts that are relevant for corporate governance. Baker and Barbu credited the academic community for improving rigor and theoretical underpinning in their research and the said factors contributed a lot in the major step in the harmonization of accounting standards in Europe (Baker and Barbu 2007, p. 273). Between 1965 to 2004, the academic community had an increasing output of academic research related to the international harmonization of financial standards (Baker and Barbu 2007, p. 276). However, the idea of creating a conceptual framework to facilitate accounting harmonization was introduced much earlier or in the 1940s (Baker and Barbu 2007, p. 280). In the 1980s, an important role played by accounting academic research is that the research pointed out that cultural and economic factors play important roles in shaping differences in accounting practices by countries (Baker and Barbu 2007, p. 280-281). Another sub-theme that had been prominent during the 1980s is the role played by history in shaping the accounting practices adopted by countries (Baker and Barbu 2007, p. 281). During the mid-1990s, the arguments towards accounting uniformity played an