All are the limitations of accounting standards except _________.

it is difficult to choose the different alternatives between different accounting treatments

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they may lead to the rigidity

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they cannot override the statute

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difference in accounting standards are bound to be there due to difference in tradition and legal system in different countries

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Solution

The correct option is A it is difficult to choose the different alternatives between different accounting treatments
The limitations of accounting standards are that they may lead to rigidity, they cannot override the statute and difference is accounting standards are bound to be there due to difference in tradition and legal system in different countries.

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Similar questions

List-I(Accounting concept)	List-II(Principle involved)
I. Consistency	(a) Losses are anticipated and accounted for in advance but profits are not accounted for until realised
II. Comparability	(b) All the relevant financial information should be summarised and presented in the accounting statements
III. Conservatism	(c) According procedures in an entity should be followed uniformly from period to period
IV. Disclosure	(d) Accounting statement of different periods of an entity and those of different entities of a period should be based on the same accounting principles and procedures
	(e) Personal Judgement of accountants should not influence accounting measurements

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