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What type of accounting disclosure is required if the concept of consistency is not applied in the analysis of financial statement?
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Hoe does the concept of consistency aid in the analysis of financial statement?
How does the concept of consistency aid in the analysis of financial statements? What type of accounting disclosure is required if this concept is not applied?
What type of accounting disclosure is required if consistency concept is not applied?
In accounting the consistency concept means that when a method of accounting is adopted it must be used consistently in the future. If the policy for accounting is changed in any way the nature of the change, the effects the change has on items in the financial statement and the reason for making the change must be fully disclosed by the business. If the consistency concept is not applied then disclosure of changes are made at the discretion of the business.
What type of accounting disclosure is required if consistency is not apply?
In accounting the consistency concept means that when a method of accounting is adopted it must be used consistently in the future. If the policy for accounting is changed in any way the nature of the change, the effects the change has on items in the financial statement and the reason for making the change must be fully disclosed by the business. If the consistency concept is not applied then disclosure of changes are made at the discretion of the business.
What is a disclosure note in accounting?
Disclosures notes are part of accounting financial statements as in disclosure notes important information related to amounts or information in financial statement is provided to further clarify any information previously given or any other related information.
How does concept of consistency aid in the analysis of financial statement?
In accountancy, the concept of consistency refers to using the same accounting methods each year. This ensures that the financial statements for each year can easily be compared with each other.
How does the concept of consistency aid in the analysis of financial statement?
In accountancy, the concept of consistency refers to using the same accounting methods each year. This ensures that the financial statements for each year can easily be compared with each other.
What are the current changes in international accounting standard 1?
Changes to the structure of financial statements; inclusion of statement of changes in equity; The pattern of disclosure and classification.
Why is consistency important in accounting?
In order to achieve comparability of the financial statement of an enterprises through time, the accounting policies are followed consistently from one period to another; a change in an accounting policy is made only in certain circumstances.
What has the author Alan D Stickler written?
Alan D. Stickler has written: 'Financial statement presentation requirements and practices in Canada, 1977-78' -- subject(s): Disclosure in accounting, Financial statements
What is a Statutory financial statement?
A statutory financial statement is a financial statement of an insurance company prepared in accordance with statutory accounting standards.
What is financial statement?
financial comparison statement is a statement showing the trend in which financial figures are changing between two accounting period.
When does an accounting prepare the financial statement?
monthly
