Question
What are the major constraints on relevant and reliable financial statements?
Answers
The major constraints on relevant and reliable financial statements are:

Timeliness: If there is undue delay information becomes irrelevant.
Balance between cost and benefit: The benefits derived from information should exceed the cost of providing it.
Balance between the various qualitative characteristics: In practice it has become necessary to achieve an appropriate balance between the qualitative characteristics.
True and fair view presentation: There is no clarity in the term true and fair view as required by the Companies Act. The conceptual framework does not discuss this.   Your Comment




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