User:Orijinal21/sandbox

In the field of accounting, when reporting the financial statements of a company, accounting constraints are boundaries, limitations, or guidelines which allow for variations to the Generally Accepted Accounting Principles (GAAP). These variations do not violate the GAAP because of the recognized constraints. Accounting constraints may explicitly consider the role of mathematical constraints or constraints related to limitations when providing financial information. Types of constraints include objectivity, costs and benefits, materiality, consistency, industry practices, timeliness, and conservatism.