Editing Accounting standard (section)

==Limitations==
The notable limitations of accounting standards are their inflexibility, time-consuming process to create them, the difficulty of choosing between alternative treatments and their restrictive scope.<ref>{{Cite web|url=https://financialyard.com/the-limitations-of-accounting-standards/#:~:text=The%20notable%20limitations%20of%20accounting,treatments%20and%20their%20restricted%20scope.|title=The Limitations Of Accounting Standards – Financial Yard}}</ref> Accounting standards were largely written in the early 21st century. [[Accounting scandals]] such as [[Worldcom]] and [[Enron]] illustrate that, despite all these efforts, widespread fraud can still occur, and even be missed by the outside auditors.