There are several reasons there is certainly nobody universally accepted theory of accounting. The reason why are of two types. The foremost is philosophical. The second is practical. This essay discusses each of these. It then provides instances from accounting theory.
Philosophical reasons
The declaration "There is absolutely no universally accepted accounting theory" is true by meaning. Scientific understanding of the word theory denies that any theory can be universally accepted.
According to Popper (e. g. , 2002a, 2002b), ideas are conjectures that are placed to the test. If they're refuted by the test, they may be either rejected or refined. If they're not refuted, they remain theories (not "facts"). They may be then put to help expand checks, and are further refined. In order for this to proceed, there must can be found rival theories.
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