Abstract
PurposeThe purpose of this study is to analyse historical events to argue the improbable prospect of radical accounting reform in corporate financial reporting (CFR) due to the absence of abstract accounting knowledge as part of accountancy professionalisation (AP).Design/methodology/approachA historical database of CFR and AP events in the UK is categorised and analysed to observe the evolution of accounting in CFR from the perspective of the sociology of professions relating to abstract knowledge in professionalisation.FindingsCFR has always been a statutory function in the UK dependent on arbitrary accounting rules rather than expert measurements based on abstract accounting knowledge. Accounting rules have evolved as part of AP and currently form part of the statutory regulation of CFR. The accountancy profession has eschewed abstract accounting knowledge in a mutually beneficial and uncompetitive relationship with the law profession in CFR.Research limitations/implicationsThe study is limited to the history of CFR and AP in the UK and its findings are contrary to the sociology of professions regarding abstract knowledge, consistent with the accountancy profession’s 19th-century experience of court-related services, and indicative of normative accounting research’s redundancy.Practical implicationsRegarding CFR and AP in the UK, the accountancy profession is an expert subordinate branch of the law profession and has no incentive to alter the status quo of statutory accounting rule compliance prevailing over abstract accounting knowledge-based expertise in CFR.Originality/valueThe study questions the optimism of prior research of accounting in CFR that suggests the possibility of radical reform using abstract knowledge.