This would provide an alternative view to regulatory capture theory

What is the relevance of the social contract to this assignment? The aim of this assignment is to give you practice in being an accounting theorist, to take you beyond the textbook and start you on your way to being a deep thinker about the profession you will be entering. In doing so, you are also building on the work you have done in Assessment Item 1. The true and fair view (TFV) principle that you researched in Assessment Item 1 may also represent a social contract between the accounting profession and the business community. This would provide an alternative view to regulatory capture theory. In other words, the accounting profession doesn't capture the regulators for any sense of power, but to support the social contract. The social contract is an idea that informs so much of accounting theory, yet it is given such little attention. If the social contract underscores one or more of the systems theories presented in Modules 7 & 8, then it has implications across a number of areas of accounting theory, not least in the area of environmental and sustainability reporting (Module 8). This is your opportunity to explore these implications for yourself.