A MARXIST CRITIQUE OF THE FASB'S CONCEPTUAL FRAMEWORK |
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| Affiliation: | 1. Norwegian University of Science and Technology, Department of Chemical Engineering, Trondheim, Norway;1. Eli Lilly Regional Operations Ges.m.b.H., Vienna, Austria;2. Sheffield Teaching Hospitals Foundation Trust, University of Sheffield, Sheffield, UK;3. University of Minnesota, Medical School, Minneapolis, MN, USA;4. Eli Lilly and Company, Indianapolis, IN, USA;5. Lilly Deutschland GmbH, Bad Homburg, Germany |
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| Abstract: | In developing its conceptual framework the FASB challenged supporters of traditional accounting to provide objective and operational definitions of the elements of financial statements that do not depend on definitions of assets and liabilities as future economic benefits. The paper answers this challenge by deriving a general theory of accounting from Marx's analysis of the circuit of industrial capital. It concludes that whereas the FASB's framework, based on the marginalist idea of economic value, is subjective and vague, the Marxist theory of financial accounting derived here provides critical accounting with a scientific foundation. |
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