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Two major constraints in the presentation of accounting data

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Please help answer the following question regarding accounting. Provide at least 200 words.

Can you describe for me the two major constraints inherent in the presentation of accounting information and the significance they play in financial accounting?

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The cited solution gives a good practical understanding of the two major constraints in the preparation of financial statements. Links to further reading to promote better understanding are provided. The explanation is given in 288 words.

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Problem: Can you describe for me the two major constraints inherent in the presentation of accounting information and the significance they play in financial accounting?

Solution:
The two major constraints inherent in the presentation of accounting information are materiality and cost.

On May 28, 2008, the FASB presented an exposure draft (1570-100) which included Chapter Two: "Qualitative Characteristics and Constraints of Decision-
Useful Financial Reporting Information" and many pages of related ...

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