Interest is a pivotal construct in accounting education, influencing students' major choices and academic performance. However, inconsistent measurement approaches have limited the field's cumulative knowledge. This study addresses this limitation by adapting the theory-based Interest Development Scale (IDS) to the accounting context. A survey was conducted among 258 first-year undergraduate students at a Japanese university. Quantitative data from the 20-item IDS were analyzed using exploratory factor analysis. The results identified an interpretable four-factor structure: (1) Information Seeking and Intrinsic Reengagement, (2) Persistence, (3) Self-Regulation and Behavioral Reengagement, and (4) Value and Long-Term Reengagement. In addition, we found that students reported high levels of perceived value but lower levels of self-regulated learning behaviors. Supplemental analysis of open-ended responses identifies themes emphasizing the usefulness of accounting for future careers and instrumental advantages, such as obtaining qualifications. These findings suggest that students perceive accounting as a "legitimate investment," where socially shared norms can elevate reported value even while self-regulatory engagement remains limited. This research contributes to accounting education by providing a validated, multidimensional measurement instrument.