Ans: The major constraints hampering financial statements in accounting and taxation are:u00a0u003cbr /u003eu00b7u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 No balance between benefits and costsu00a0u003cbr /u003eu00b7u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 Delays lead to irrelevant informationu00a0u003cbr /u003eu00b7u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 No balance between qualitative characteristicsu00a0u003cbr /u003eu00b7u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 Zero clarity in fair and true view presentation.