Accounting in World and in Ukraine – Retrospective Approach. Applied Science or Practical Activity?
Accounting in World and in Ukraine – Retrospective Approach. Applied Science or Practical Activity?

Summary/Abstract: In this article it goes about the development of accounting from the standpoint of a scientific approach and practical activities. The main purpose of this study is to analyze this institution as an individual applied science. It was caused by multiple discussions in the academic circles about the place of accounting in science, as many economists share an idea that accounting is mostly a practical activity, not a scientific theory. This is due to the fact that the accounting practice is developing more rapidly than its theory. In the article, a special attention is paid to the study of the range of issues faced by the accounting theory, those it must solve as a result of new challenges in the economic reality, namely: the definition of a scientifically based methodology for determining fair value, the completeness of the information on intellectual capital in the reporting, a role of accounting as an entirely economic institution. Thus, it is reported in the article that accounting is an applied science, which in its research and own methodology has to use interdisciplinary tools to fight off these big challenges.

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