What are some reasons why accounting has adopted historical financial statements as the model What are some disadvantages associated with presenting historical financial statements ...

What are some reasons why accounting has adopted historical financial statements as the model? What are some

Question:

What are some reasons why accounting has adopted "historical" as the model? What are some disadvantages associated with presenting "historical" Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...