Criticize financial accounting standards in the current world
Answers
Answered by
0
The financial accounting standards in the current world can be criticized on the following grounds:
- The current financial accounting standards used in the world are inclined more towards the methods of accounting in the western part of the world and do not take into consideration the nuances of accounting prevalent in the eastern part.
- The peculiarities of accounting for commodity businesses and service businesses are not distinctively clarified.
- Moreover, certain methods are difficult to understand and implement than the conventional methods that serve the same purpose.
- Standard accounting requires special set of skills and thus needs dedicated personnel.
Similar questions