Accounting research matters. Here's why.

A colleague shared the attached AFR article with me yesterday, which comments on the latest discussions on the developing Australian Universities Accord. There is much to deal with regarding the future of higher education in Australia, and it is great to see long-overdue discussions about the sector being had. Sector reform has been neglected for far too long. 

There was, however, one comment in the article that rocked me back in my chair; “there are also mainstream professional streams, such as accounting, engineering and nursing, in which cutting-edge research does not necessarily enhance students’ learning.” (Emphasis added.) While I sympathise with the argument that not all institutions should be compelled to conduct research in all areas, the above statement reflects one of two possible inferences about research, which are both shortsighted and underappreciate the role that research plays in areas such as accounting.

The first possible inference is that research is only valuable if it informs student learning. This is an overly reductive view of the value of research. In accounting, research makes an enormous contribution to bettering our field, and thus societal welfare and well-being. In my school alone – one of the world’s leading research schools in accounting, auditing, and taxation – colleagues valuably contribute to audit policy and standards setting, accounting practices in emerging areas such as digital assets and ESG, knowledge on why good people do bad things with accounting (e.g., accounting and occupational fraud), advocacy to improve how the tax system treats the most vulnerable members of society, building financially and socially sustainable aged care business models, and so much more. Again, this is just from my school. There is so much good work in accounting research going on internationally, leading to the development of new practices (particularly in sustainability), advancement of policy, standards, and regulation in our field, and deeper understanding of how accounting practices and choices inform and affect business decisions.

The second possible inference, which I take issue with, is that accounting research cannot contribute to student learning. This is totally against our approach to student learning in accounting, auditing, and taxation at UNSW, where we believe that research is enormously relevant to the intellectual development of students. Exposure to research takes students beyond the banal procedural focus of textbooks and helps them develop a deeper understanding of how accounting works in practice. Research fosters critical thinking abilities among students and helps them reflect on interesting challenges in the field. Exposure to research also helps foster curiosity, analytical questioning, and innovative thinking in the minds of students. For these reasons, we continue to think of how we can better engage our students with research, despite already having to manage an overstuffed curriculum to meet the demands of our profession.

So, let’s not be too rash to pass judgment on less well-understood research areas. Yes, perhaps there is not a great public awareness of the contribution research makes to fields like accounting. But this is not for want of trying on our part. Like the profession as a whole, we struggle to have our achievements noticed. We simply do not capture public attention like a great medical or scientific breakthrough does. And maybe that’s OK. But lack of attention should not be conflated with a lack of public or educational value. Doing so does a great disservice to the many fine accounting scholars quietly contributing to making the world a better place, in a discipline that permeates all aspects of our everyday lives.

#accountingmatters; #aatx; UNSW Business School ; Julie Hare ; The Australian Financial Review ; #highereducation; #universities; #accord.