Write a 6 pages paper on financial accounting theory. The accounting frameworks are there for wide use of the financial statements of a company. A common framework of accounting would certainly be useful for the stakeholders of the company. But the criticism of the conceptual framework arises as these are not found so useful. The arguments are that the frameworks are not useful as there is lacking of practical evidences. The paper is an attempt to analyze that the conceptual frameworks of financial accounting are really useful or it is just a time wasting activity. Conceptual framework A conceptual framework is made for explaining the factors of the subject and thereby prepares a guideline for making a project. It is a kind of roadmap. The conceptual framework is a set of assumptions about the topic, the concepts, beliefs and theories about the topic. It is guidance to the persons who are associated with certain projects and also it is the guide to the users who are the other stakeholders of the project (Islamic Financial Institutions, n.d., p.1). For developing a conceptual framework experiential knowledge is most necessary to which doesn’t get needed attraction from the researchers. Because of this the conceptual frameworks are not so applicable in the practical field.