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Compare the two mainstream histories identified by macve

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"Fair Value vs. Conservatism? Aspects of the History of Accounting, Auditing, Business and Finance from Ancient Mesopotamia to Modern China" by Richard H. Macve, in 2013 London School of Economics & Political Science (LSE)- Department of Accounting and Finance , November 20, 2013. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2389305 British Accounting Review, Forthcoming.

Refer to the above journal article and develop a critical review report on following aspects:

• Compare and contrast the two mainstream histories identified by Macve, i.e.

- ‘FAT is rationally derived from a basically coherent conceptual framework'

- ‘Conservative, historical cost based accounting ...provide an anchor on which to base appraisal of firms and managers' performance

• Are both these histories merely a myth? Provide your own opinion here but justify with examples and with references.

Rationale

This assessment is designed to assist you:

• In gathering and integrating knowledge on the theories which you have learned from topics 4 to 7.

• In developing your learning through the application of the concepts covered in topics 4 to 7

• To critically evaluate attempts of the development and application of the conceptual framework.

• To critically appraise the objectives of accounting and relate them to the various concepts of accounting.

• To demonstrate your level of understanding and the level of your research efforts.

Reference no: EM13836300

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