What are the criticisms or limitations of accounting concepts?

Answer 1

It begins with what type of accounting is considered : financial or managerial. since your talking about criticisms ill assume its financial accounting and fraudulent activity

First of All it depends on the accounting standards that are being followed: on the one hand, the GAAP is more standardized but as a result reports can be manipulated to conform to the standards without fulfilling the original intent for which the standards where put in place.

on the second hand, the IFRS is very broad and concept based which holds Accountants responsible for accurate data estimations without getting lost in bureaucracy, however the vague nature of IFRS requires stringent enforcement of laws and procedures as well as the desired intent from managers and accountants.

Given that accounting information is supposed to be concerned with providing accurate information that can be USED by investors to make informed decisions regarding the company, we can see that both methods still fall short of that optimal objective.