Despite the long history, so far there is no general theoretical framework for calculating the acoustic emission spectrum accompanying any plastic deformation. We set up a discrete wave equation with plastic strain rate as a source term and include the Rayleigh-dissipation function to represent dissipation accompanying acoustic emission. We devise a method of bridging the widely separated time scales of plastic deformation and elastic degrees of freedom. While this equation is applicable to any type of plastic deformation, it should be supplemented by evolution equations for the dislocation microstructure for calculating the plastic strain rate. The efficacy of the framework is illustrated by considering three distinct cases of plastic deformation. The first one is the acoustic emission during a typical continuous yield exhibiting a smooth stress-strain curve. We first construct an appropriate set of evolution equations for two types of dislocation densities and then show that the shape of the model stress-strain curve and accompanying acoustic emission spectrum match very well with experimental results. The second and the third are the more complex cases of the Portevin-Le Chatelier bands and the Lüders band. These two cases are dealt with in the context of the Ananthakrishna model since the model predicts the three types of the Portevin-Le Chatelier bands and also Lüders-like bands. Our results show that for the type-C bands where the serration amplitude is large, the acoustic emission spectrum consist of well separated bursts of acoustic emission. At higher strain rates of hopping type-B bands, the burst type acoustic emission spectrum tends to overlap forming a nearly continuous background with some sharp acoustic emission bursts. The latter can be identified with the nucleation of new bands. The acoustic emission spectrum associated with the continuously propagating type-A band is continuous. These predictions are consistent with experimental results. More importantly, our study shows that the low amplitude continuous acoustic emission spectrum seen in both the type-B and A band regimes is directly correlated to small amplitude serrations induced by propagating bands. The acoustic emission spectrum of the Lüders-like band matches with recent experiments as well. In all of these cases, acoustic emission signals are burst-like reflecting the intermittent character of dislocation mediated plastic flow.