In lieu of an abstract, below is the essay's first paragraph.
Beginning in 1973, the Financial Accounting Standards Board's Conceptual Framework Project was formed. After twelve years of putting together what was designed to describe existing practice, prescribe future practice and define commonly used terms, the results and support were far from what was expected. Many felt that the project was a great waste of time, resources and effort, while others believed it to be one of the most important accomplishments in the accounting field. By examining both the pros and the cons of the Conceptual Framework Project, it can be seen that the positive effects that it offers greatly outweigh the negative effects that many feel have made the project unsuccessful.
Sasso, Gabriella. "Conceptual Framework Project." The Review: A Journal of Undergraduate Student Research 2 (1999): 37-40. Web. [date of access]. <http://fisherpub.sjfc.edu/ur/vol2/iss1/8>.