Comments on the Object and Elements of Financial Accounting

The object of financial accounting is an important part of the basic theory of financial accounting,and determines the specific contents of financial accounting.The elements of financial accounting are the specification of accounting object and the major categories of the accounting statements.Accounting object theory is developed by accounting scholars from the former Soviet Union, China and other socialist countries on the basis of the Marxist theory of capital circulation and turnover,Accounting element theory is achievements made by accounting academics and professional accounting bodies from the United States,Britain and other capitalist countries on the basis of capitalist economic system.The standards of accounting elements stipulated by FASB,IASC,ASB serve for the accounting requirements of business enterprises in the industry economic times,and reflect the accounting information view of responsibility and decision-use-fulness.