Bridging the gap between accounting theory and practice : a South African perspective

Abstract

The traditional accounting teaching methods have struggled to prepare accountants for evolving demands of the industry as instances of misconduct by accountancy professionals have been reported from and outside South Africa. The aim of this study was to examine coexistence of accounting theory and practice and the complicated interplay between the theoretical accounting principles and practical implementation in the rapidly evolving and technologically driven digital accounting world. Scoping review of literature methodological framework was employed to examine a wide range of academic sources, which provided a solid foundation for the analysis. The findings shed light on several key factors that influence the alignment of accounting theory and practice, including regulatory compliance, educational reform, technological literacy, cultural sensitivity, socio-economic challenges, and ethical behaviour. The discussion addressed the multiple challenges faced by companies, accounting professionals and regulators and provided valuable insights to bridge the gap between theory and practice. The study suggests a paradigm shift in accounting students' thinking, promoting holistic practices and collaboration between accountants and academia for robust experiential learning and industry-relevant training. This study impacts on various stakeholders within the accounting profession, regulators, and South African companies.