Constraints	Descriptions
Cost-Benefit Relationship	"Cost-Benefit" presumes that the benefit derived from providing accounting information exceeds the cost of providing the accounting information. Problem with the constraint:  The costs and especially the benefits are not always evident or measurable. Often used to "justify" not dealing with a problem or issue (i.e., used to assume away a problem).
Materiality	Deciding when an amount is material in relation to other amounts is a matter of judgment and professional expertise.  Three types of materiality used by accountants: Materiality in accounting and bookkeeping: Accountants like to see the bookkeeping process "tie out to the penny." Materiality in financial reporting:  Often times, numbers on the financial statements will be shown in their "most significant amounts" (i.e., "000's omitted) Materiality when auditing financial statements: Auditors use this measure as a way to determine what should be examined during the testing process.
Industry Practice	Sometimes basic accounting theory is modified to meet the specific accounting and reporting needs of a defined industry group (e.g., accounting for financial institutions). Referred to as "Industry Practices" or "Specialized Industry" accounting
Conservatism	"An accountant's way of thinking about things" Don't count your chickens before they hatch! When in doubt, an accountant should choose a solution that will be least likely to overstate assets or income. Should be applied ONLY when doubt or uncertainty exists. An intentional understatement of assets or income is NOT acceptable accounting.