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Briefly explain two benefits and two limitations of an accounting standard

      

Briefly explain two benefits and two limitations of an accounting standard

  

Answers


Francis
Benefits of accounting standards
- Use of IASs adds credibility to the financial statements as they can be compared with others globally.
- Facilitates communication within an enterprise that has foreign branches or subsidiaries due to harmonized reporting by the separate entities in the group.
- Adds value to the financial statements in case an entity is sourcing for foreign capital.
- In case an entity wishes to be quoted on the Stock Exchange Market more so for companies.
francis1897 answered the question on October 4, 2022 at 05:38


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