Research and write a report on five important works on normative accounting theory – MacNeal (1939), Paton and Littleton (1940), Littleton (1953), Chambers (1966), and girl (1975) – with emphasis on recognition and measurement issues in accounting. Discuss the lack of agreement among these theorists on basic assumptions and hypothesized information needs of the users. Even where there is agreement on an assumption, different implications have been drawn therefrom by the concerned theorists. These differences lead to different recognition and measurement proposals. Your research must show that many of the ideas in accounting that seemed to be novel were anticipated by these early theorists. Your report should assess the present accounting practice in the light of these theories. You are expected to cite at least 5 academic journals.
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