Explain the relevance and application of the social contract to Legitimacy Theory in accounting

Your choice of topic You may choose to do one of the following topics, or both. In either case, make sure you clearly indicate what you are doing by saying so in your introduction and by the use of clear headings in your report.

The topics are:

1. Building on the literature review from Assessment Item 1, discuss whether or not the TFV represents a social contract between the accounting profession. Support your position with convincing arguments from the academic literature.

2. Explain the relevance and application of the social contract to Legitimacy Theory in accounting.