As an introduction, in a first part, we give a critical analysis of the standard Human Capital theory, with the help of some "traditional" accounting concepts. In particular, we show that this theory is based on a (deliberate) confusion between assets and capital. In order to avoid this issue, we introduce the "Triple Depreciation Line" (TDL) (financial) accounting model, developed in (Rambaud & Richard, 2015), as a concrete way to design an accounting model able to treat "Human Capital", as a real accounting capitala matter of concernthat firms have to protect and maintain. Therefore, in a second part, after a brief presentation of this accounting model, we explain how to apply it to the "Human Capital" case. This application allows a discussion about some key issues about this notion and the difference between the standard perspective on Human Capital and the "accounting" one. Finally, we present some important consequences of this accounting model for the Human Capital: the disappearance of the concept of wage and the possibility to report repeated uses of the Human Capital directly in the balance sheet.