Criticize the application of financial accounting standards in the current world of accountants (10mark)
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The case with application of financial accounting standards is that in the current world of accounts there is a problem with the auditing system. Even though there are boards like for example, the Financial Accounting Standards Board (FASB), there are some problems yet to be tackled.
Those problems are,
-There are Limited guidance for classifying revenue transactions
-There are conflicting requirements for service concessions
-People complain due to lack of privacy in their party disclosures
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