Accounting Streams – Innovating accounting education

Ahead of the publication of their new free e-book, “Principles of Accounting” in November, its authors from the University of Manchester, University of Sheffield and University College London (UCL) reflect on its publication and the development of the “Accounting Streams” project.

Whether you're managing your personal finances, tracking your company's performance, or investing your retirement savings, accounting directly impacts your life. And with the world facing urgent challenges like climate change and social inequality, accounting is more important than ever. It is the key to measuring progress, making informed decisions, and building a more sustainable future.

Breaking stereotypes and reforming accounting education

Despite the media portrayal of accountants being dull, number-crunchers, accountants today are at the heart of business decision making, communications and accountability. As it breaks free from its traditional boundaries, accounting is playing a crucial role in driving sustainability and shaping the future.

Many accounting classes still focus heavily on the technical application of standards and techniques which can stifle curiosity and limit students’ understanding of the broader potential of accounting, promoting dualistic thinking where students seek to find a single right answer. As the workplace evolves with advancing technology, the ability to think critically and apply professional judgement becomes crucial for aspiring accountants.

Efforts to reform accounting education have been ongoing since the 1980s but progress has been slow. Accounting curricula are often closely tied to professional qualification syllabi, leading to concerns about losing exemptions if changes are made. The number of exemptions held by a degree is often a major marketing tool for departments of accounting and applicants typically use them as a factor in their decision-making process. However, some pioneering departments have successfully innovated their programmes without sacrificing accreditation. For instance, the University of Birmingham incorporated climate change into its BSc Accounting and Finance in 2022.

How do we accelerate change in accounting education?

The "Accounting Streams" project, seeks to innovate the introductory accounting curriculum through its first free interactive textbook ‘Principles of Accounting’. The name "Accounting Streams" stands for Sharing, Transparency, Reporting, and Ethics, Accounting for Management and Society. The textbook embraces a broader definition of accounting, viewing it as a ‘technical, social and moral practice concerned with the sustainable utilisation of resources and proper accountability to stakeholders to enable the flourishing of organisations, people, and nature’.

This approach is supported by a growing body of research that emphasises a wider conceptualisation of accounting. Further the Quality Assurance Agency's proposed revisions to the Accounting subject benchmark statement (currently under consultation) further reinforces this perspective. By challenging learners to navigate uncertainty and questioning taken for granted assumptions, ‘Principles of Accounting’ offers a more comprehensive view of organisations, ethics and sustainability, alongside the expected technical content.

The project’s success relies on collaboration. Leading accounting academics have come together to form an advisory group and with over 30 contributors from more than 20 institutions worldwide helping to develop the textbook. The generosity of these colleagues in terms of time and expertise has been instrumental. We will continue to build the ‘Accounting Streams’ community of learners and educators and develop the resources to support the textbook.

Download your free copy of the ‘Principles of Accounting’ e-book

‘Principles of Accounting’ is now available as a free e-book on the Accounting Streams website and can be used in full or as a supplement to other resources.

Register for the launch webinar on 26 November via Eventbrite . Seven chapters are available for use prior to the launch date.