International Journal of Critical Accounting (6 papers in press)

Regular Issues

• The International Accounting Standards Boards 2018 conceptual framework from the user perspective of GPFRs: an application of stakeholder and legitimacy theory  
  by Shayal Shashna, Shane Krishneel Prasad, Shivneil Kumar Raj 
  Abstract: The International Accounting Standards Board (IASB) is responsible for developing the conceptual framework for financial reporting, which guides accountants in the preparation of financial statements. The primary objective of the general-purpose financial reports (GPFRs) is to provide useful financial information about the reporting entity to potential and existing investors, lenders, and creditors, enabling them to make informed economic decisions. An exploratory research design has been undertaken to effectively address a debatable phenomenon using dual theoretical lenses, namely stakeholder and legitimacy theories. This paper critically evaluated whether the objective of GPFRs put forward by the 2018 Conceptual Framework aligns with societal expectations. It has been found that the narrow focus of the 2018 Conceptual Framework has superseded the social accounting perspective. It indicates that the decision made regarding the change in the user group is in line with the managerial branch of stakeholder theory. The IASB has given importance to the powerful stakeholders who are the financiers, as they provide resources to the entity. However, given the current global sustainability status, all stakeholders prove to be equally important as information users of financial reporting from an integrated reporting perspective.
  Keywords: conceptual framework; GPFRs; IASB; stakeholder theory; legitimacy theory; financiers.
  DOI: 10.1504/IJCA.2026.10080117
   
  
• Financial literacy and decision making: association and impact at household levels  
  by Anushree Srivastava, Seshadev Sahoo, Prateek Gupta 
  Abstract: The paper aims to explore the impact of financial literacy, financial knowledge, financial attitude and skills in household decision making. The study used a random cum convenience sampling technique to gather data from 300 households of Uttar Pradesh, (a state in India), India utilising a standardised questionnaire with closed-ended questions (using Likert scale five). Using correlation and multiple regression analysis relationship between variables was explored and also how constructs of financial literacy help in household decision making. From the results of the study it was concluded that financial literacy constituents are financial knowledge, financial attitude, financial behaviour and financial skills and if all of them are collectively used it can help in efficient decision making at household levels. This research further states that women should enhance their financial literacy and their participation in household financial decision making should be encouraged. It gives suggestions and objectives to concerned stakeholders to invest in increasing and enhancing financial literacy of women.
  Keywords: financial literacy; financial knowledge; household; financial attitude; financial behaviour.
  DOI: 10.1504/IJCA.2026.10080687
   
  
• The general-purpose financial report, a users perspective of the 2018 IASBs conceptual framework: an application of decision usefulness theory  
  by Shivneil Kumar Raj, Geoffrey Sawan, Ritika Prasad, Dipashna Deo 
  Abstract: This research assesses the justification of the International Accounting Standards Boards Conceptual Framework for Financial Reporting to limit the users of financial reports to only the resource providers of the entity. The study utilises the theoretical lens of decision-usefulness theory to understand whether the Accounting standard setters are justified in narrowing the report user category. A qualitative meta-analysis approach with a subjectivist and an interpretive paradigm was used. The findings of the study indicate that decision usefulness is further enhanced for its users; however, restricting other users had an impact on the public accountability principle. The analysed literature also reveals the conflicts between the normative prescriptions and the real-world disclosure practice, whereby preparers tend to meet their investor-oriented requirements as far as they want to be socially legitimate and ethically accountable. The study provides policy implications on the need to reassess its user requirements given the social, sustainability and public accountability aspects.
  Keywords: International Accounting Standards Board; IASB; conceptual framework; users; general-purpose financial reports; GPFRs; decision usefulness theory; resource providers; financiers.
  DOI: 10.1504/IJCA.2026.10080731
   
  
• Exploring accounting in small and medium enterprises: cases from an emerging economy  
  by Nushrat Jahan 
  Abstract: This research explores accounting practices in small and medium enterprises (SMEs) within an emerging economy. Drawing on the notions of financial literacy, social capital, and institutional pressure, it demonstrates why formal accounting remains absent in SMEs. Data was collected using the interventionist case study method, which employs direct participatory observation, informal discussion, unstructured interviews, and document analysis techniques. The study reveals that formal accounting practices remain absent in SMEs. The absence of formal accounting practices in SMEs is primarily due to the owners' lack of financial literacy. Besides, a high level of social capital also contributes to this issue. Moreover, the absence of institutional demand for complete financial statements and insufficient enforcement further perpetuates the absence of formal accounting in SMEs. Hence, this paper argues that financial literacy, social capital, and institutional enforcement could play a pivotal role in exploring the absence of accounting.
  Keywords: absence of accounting; small and medium enterprises; SMEs; financial literacy; social capital; institutional demand; interventionist approach; emerging economy.
  DOI: 10.1504/IJCA.2026.10080782
   
  
• From formal assurance to organisational impact: a SEM study of the drivers of perceived internal audit effectiveness in Greek private-sector organisations  
  by George Drogalas 
  Abstract: This paper explores the relationships between internal audit independence, management support, internal audit competence and perceived internal audit effectiveness in Greek private-sector organisations. Survey data collected from 125 accounting, audit and finance professionals were analysed using covariance-based structural equation modelling. The results indicate that independence and management support are positively associated with perceived internal audit effectiveness, while the relationship between competence and perceived internal audit effectiveness is not statistically significant.
  Keywords: internal audit; internal audit effectiveness; internal audit independence; management support; internal audit competence.
  DOI: 10.1504/IJCA.2026.10080851
   
  
• Audit firm responses to PCAOB inspection reports: evidence on the decision to contest  
  by Amber Dandelion Browne, Dennis M. Lopez, Jose Vega 
  Abstract: This study examines whether audit firms contest the findings in Public Company Accounting Oversight Board (PCAOB) inspection reports and whether the nature of the identified deficiencies influences their decision to contest. Using hand-collected data from triennially inspected audit firms, we find that firms are more likely to contest reports with a greater number of deficiencies, as well as those citing GAAP-level, revenue-related, or complex accounting deficiencies. These results suggest that firms are selective in their contestation behaviour and are more inclined to contest when findings relate to areas of elevated reputational or regulatory concern. The study contributes to the literature by documenting how audit firm responses vary with the content of PCAOB inspections and offers insight into the regulatory dynamics shaping auditor behaviour.
  Keywords: audit regulation; complex accounting issues; financial reporting deficiencies; PCAOB inspections; regulatory pushback; reputational risk; revenue recognition.
  DOI: 10.1504/IJCA.2026.10080959