Accounting fundamentals and accounting change: Boulton & Watt and the Springfield Armory

The paper argues that by examining accounting’s technical/objective and relational/social characteristics simultaneously, a deeper understanding can be gained of accounting transition at key stages of economic development. Using the case of Boulton & Watt (B&W), a pioneering firm of the British Industrial Revolution (BIR), the paper critiques prior interpretations and applies a taxonomy using new archival evidence, contrasting these with developments at the Springfield Armory. Results show that the management of internal contractual relationships and a preoccupation with efficiency rather than profit or control through surveillance were the dominant explanations of accounting change.