Question

Explain the advantage and disadvantages of Accounting standards

Answer 1

One of the major disadvantages of accounting standards is that they can be restrictive and inflexible. ... But the company must make these situations fit the guidelines of the accounting standards even if they are not the best way to represent the financial event in question.

Answer 2

Answer:

One of the major disadvantages of accounting standards is that they can be restrictive and inflexible. ... But the company must make these situations fit the guidelines of the accounting standards even if they are not the best way to represent the financial event in question.