What are the major limitations of a statement of financial position?

Limitations of financial statements

  • Financial Statements Are Derived from Historical Costs.
  • Financial Statements Are Not Adjusted for Inflation.
  • Financial Statements Do Not Contain Some Intangible Assets.
  • Financial Statements Only Cover a Specific Period of Time.
  • Financial Statements May Not Be Comparable.

Jan 8, 2021

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