Home > Term: consistency principle
consistency principle
The idea in accounting that once an accounting method is adopted, it should be followed consistently from one accounting period to the next. If, for any reason, the accounting method is changed, a full disclosure of the change and an explanation of its effects on the items of the financial statements must be given.
- Part of Speech: noun
- Industry/Domain: Accounting
- Category: General accounting
0
Creator
- anton.chausovskyy
- 100% positive feedback