The Project of Conceptual Framework for Financial Accounting: A Literature Review

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Majid Ahmed AL Anssari


This study was conducted in light of numerous effects on the growth of the modern accounting thinking model, which started as an accounting theory at the beginning of the past century, notably in the 1920s and 1930s. The research begins with the early theorists' attempts to find theoretical rules or foundations that lead to accounting applications and works to confront and solve their increasing problems from that period until recently. The main concern is the enhancement of financial accounting criteria, instead of the development of accounting theory. The current study aims to trace the course of the conceptual framework project to evaluate its experience and role in the standards project. The research also tries to give answers about the effectiveness of the conceptual framework presently and in the future directions of the joint framework project.

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