Some of the major limitations of financial position are :
1. Most
asset and liabilities are reported at
historical cost. As a result, the information provided in the statement of
financial position is often criticized for not reporting a more relevant fair
value.
2. Companies
use judgments and estimates to
determine many of the the items reported in the statement of financial
position.
3. The
statements of financial statement position necessarily omits many items that are of
financial value but that a company cannot record objectively.
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