Rethinking accounting objectives— based on Conceptual Framework for Financial Reporting 2018

This paper begins by emphasizing the pivotal significance of studying accounting objectives, considering them as the logical starting point for the structure of accounting theory. It provides a broad overview of decades of research on the positioning of accounting objectives and conducts a detailed analysis of the accounting objectives expounded in the recent 2018 release of the "Conceptual Framework for Financial Reporting" by the International Accounting Standards Board. Through analysis, it uncovers contradictions between the characteristics of financial reporting outlined in this conceptual framework and the established accounting objectives. Moreover, it contends that the identified objectives are, in reality, elusive, presenting significant challenges to achieving the goals set by the IASB. Furthermore, it delves into how these accounting objectives prioritize the interests of investors and creditors, compelling accountants to provide valuation services for securities investors and distorting the essence of accounting. This prioritization, along with the resulting ranking, is argued to be incongruent with the realities of the Chinese context, adding complexity to the issues associated with accounting objectives.