ACCT 20074: Contemporary Accounting Theory - Group Task Report

This report provides an in-depth analysis of contemporary accounting theory, focusing on the contributions of Thomas Kuhn and R.J. Chambers. It begins with an executive summary and table of contents, followed by an introduction that sets the stage for the exploration of Kuhn's theory of scientific revolutions, including the concept of paradigms and their role in knowledge development. The report then delves into a literature review, examining Kuhn's paradigm and the structure of scientific revolutions, and how this framework applies to accounting. The core of the report explores Chambers' revolutionary contributions to both normative and positive accounting, highlighting his criticisms of conventional accounting practices and his advocacy for market-based valuation. It also includes an appreciation of Chambers' work, acknowledging both the acceptance and criticism of his ideas within the context of accounting research reforms. The report concludes with a summary of the key findings and provides a list of references.