The article considers the essence of accounting theories, approaches to their separation, the relationship of accounting and economic theories, and the direction of development of accounting theories in accordance with the needs of economic and social development. The approaches to the classification of accounting theories are generalized, as well as the approaches to the interpretation of «accounting theory», the peculiarities of the interpretation of the subject of accounting from the point of view of different accounting theories are revealed and the objectivity of expansion of accounting objects is substantiated. In the context of the formation and development of accounting theories, the category of «social costs» is considered as an accounting object.