ABSTRACT
Financial accounting theory has accumulated a vast literature. A cynic might be inclined to say that the vastness of the literature is in sharp contrast to its impact on practice, but if such comments are to be accepted, they require closer examination. The main object of this paper will be to provide a brief and therefore necessarily highly personal and selective over-view of the subject. A more thorough acquaintance with the subject can be obtained by reading the more specialised and detailed surveysa 1 which are available, and, best of all, the original work, some of which is listed in the bibliography at the end of this paper.
