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What are the benefits and limitations …

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What are the benefits and limitations of accounting standard?

Posted by Gagan Vashney 7 years, 7 months ago

CBSE > Class 11 > Accountancy

1 answers

Shashi Ramachandran 7 years, 7 months ago

Benefit
It ensures uniformity and consistency in the financial statements which makes comparison possible.
Ensures complete disclosure of accounting policies and practices
Limitations
There is no limitations as such because following this is mandatory but it is COMPLEX

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