Thoroughly discuss the FASB's Conceptual Framework. Include in your discussion:
(1) why this framework was considered an important accomplishment,
(2) the main objectives recommended in SFAC #1,
(3) the qualitative characteristics recommended in SFAC #8,
(4) the primary contributions of SFAC #5 and SFAC #6, and
(5) criticisms of the conceptual framework (use references when appropriate).