A Critique Of The FASB's Conceptual Framework

Financial Conceptual Framework is one of the most important fields in the study of financial accounting theory. But it is subjective and vague, and inevitably alogical. The paper try to discover the characteristic of the Western Accounting Theory from the analysis of the CF's limitation. We need another form of accounting theory which is based on "Critical". Marxist Political Economy Theory is objective, logical and scientific, so we should build the new accounting theory on the Marxist Theory. Before the work, we should survey the Western accounting theory based on the Marginal Theory.The paper study the problems on the Marxist method, especially his "critical spirit". We will revalue the Western Accounting Theory in the paper. If everyone who study the accounting theory can have a critical spirit we will not take it for granted that Western Accounting Theory is the only way to the truth.