Note to instructors
The publication of Principles of Accounting marks the first steps towards building a global community of passionate instructors. We are keen to hear how you are using the materials and where we can enhance the textbook. We would also like to encourage instructors to join our community, sharing ideas and resources to enhance accounting education around the world.
How is Principles of Accounting different?
Principles of Accounting is different from many introductory accounting textbooks in several respects.
We start by asking what accounting is, exploring its roots and outlining the contemporary definition of accounting that frames the textbook, aiming to develop students intellectually by considering different perspectives.
| Topic | Usual treatment in introductory accounting | Principles of Accounting’s new perspective |
|---|---|---|
| History | Largely ignored | The textbook starts by outlining the historic development of accounting |
| Purpose | Capital markets perspective | The purpose of accounting is informed by its historic development and a new, holistic definition |
| Organisations | Focus on the multinational corporation with limited coverage of sole traders and partnerships; the public sector and not-for-profits are generally neglected or mentioned only in passing | Consideration of a range of organisations, both private and public sector, as well as not-for-profits |
| Interested parties | Investors | A broad range of interested parties and their different perspectives are considered, along with how financial information is tailored to different users |
| Theoretical approach | Neoliberal capital markets perspective | A range of perspectives are presented, informed by multidisciplinary theoretical approaches. |
| Accounting standards | IFRS is largely unquestioned | The broader role of IFRS is considered, along with the influences on the nature and content of financial reports |
| Ethics | Presented separately | Integrated throughout |
| Sustainability | Limited to the sustainability reporting frameworks in existence | Integrated sustainability considerations supplemented by units that focus on capitals, carbon accounting, measuring environmental and social costs, and sustainable management accounting |
Structured for flexibility: Teaching and learning with Principles of Accounting
Principles of Accounting is written so that it is not necessary to teach the units in order. Where units do build on each other, this is clearly signalled at the start of the unit in question.
We envisage that the textbook could be used as:
- an introduction to accounting (both financial and management)
- an introduction to financial accounting
- an introduction to management accounting
- a supplement to existing curricula in principles-level classes or for higher-level courses.
Pedagogy
We adopt a critical perspective throughout the textbook. Critical accounting is an approach that challenges traditional accounting practices and theories as it seeks to understand and critique the broader social, political and economic aspects of accounting. We do not neglect the presentation of traditional accounting practices and theories but also consider alternative perspectives and engage learners with the key questions and challenges of the discipline. We invite learners to question the status quo and consider how accounting could be developed for a more ethical and sustainable world in the future.
Active learning
Active learning is an approach rather than a fixed set of activities. A useful definition is:
Active learning engages students in the process of learning through activities and/or discussion in class, as opposed to passively listening to an expert. It emphasizes higher-order thinking and often involves group work.1
It draws upon constructivist learning theory, which posits that people learn by building their own knowledge, connecting new ideas and experiences to develop a new or deeper understanding.2 The evidence base for active learning methods is extensive, backed by several academic studies published over a period.3
Active learning can take place in many forms, in person or online, both in a traditional lecture or seminar format or in workshops and though asynchronous online activity. Some common active learning techniques include:
- think-pair-share
- concept maps
- student-generated questions
- minute papers
- quizzes
- problem-solving
- role play.
For further suggestions, the ‘Advance HE #52etc’ toolkit for student engagement offers a range of helpful practical approaches.
Principles of Accounting facilitates an active classroom experience by posing reflective questions and presenting case studies, readings, problems and quizzes that can be used in teaching. These can be supplemented with local news stories relevant to the instructor’s context. Instructors may also choose to ‘flip’ the classroom by setting textbook reading prior to class and using class time to explore the reflections, case studies and debates more fully. With large cohorts, online polling tools can help to engage students. The flexible nature of the materials enables instructors to adapt to the needs of their learners.
Citation
To cite Principles of Accounting, we suggest combining the referencing style for an e-book and treating each unit as a chapter, for instance:
Smith, S. (2024). The evolving role of accountants. Unit 1 in Smith, S., Murphy, R., and Rose, J., Principles of Accounting. Available at: http://www.accounting-streams.org/principles-of-accounting/01.html