After the historical cost measurement basis is replaced by fair value Measurement basis,the accounting concept framework must be adjusted in accordance with the fair value measurement basis.

The article approches on how to deal with the relation between conceptual framework for financial accounting and <<Enterprise Accounting Standard>>in operation now in China.

Considered the difference between Basic Principle and Conceptual Framework for Financial Accounting,it is necessary to formulate CF(Conceptual Framework for Financial Accounting and Reporting) which is similar with International Principle.

The objective of this paper is to make an overview of the study of the Conceptual Framework (CF) in China.

This article points out the rational aspect of the Law of Target Starting-points in financial accounting concept framework;explains the current financial concept framework(business auounting laws)and its shortcomings;and proposes the author s framework in line with the current situation.

Viewpoint of Jumping-off Point of Chinese Conceptual Framework of Financial Accounting;

The current conceptual framework of financial accounting is revisited along with the latest international trends.

Being the basis for the formulation of accounting standards, conceptual framework of financial accounting occupies an indispensable theoretical and practical position.