1.12 Consistency
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The consistency principle states that accounting methods should be applied consistently from one reporting period to the next. This allows for comparisons of a firm's performance over time. Applying the consistency principle ensures the qualitative characteristic of comparability. If accounting methods were constantly changed, comparisons between reporting periods would be difficult.
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2) It notes that in today's environment, solution renewal is based on customers realizing value, which depends on adoption and usage of the solution. Not driving adoption can have economic consequences for vendors.
3) Change management is presented as a discipline that can help drive adoption and usage of new solutions, thereby increasing the value realized by customers and enabling solution renewal.
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1.12 Consistency
- 2. Video of this presentation at… YouTube Channel for VCE Accounting
- 3. © Michael Allison. Author’s permission required for external use. The Rules of Accounting Relevance Reliability Comparability Understandability Entity Historical cost Going concern Reporting period Monetary unit Conservatism Consistency Qualitative Characteristics Accounting Principles 1.12 CONSISTENCY PRINCIPLE
- 4. © Michael Allison. Author’s permission required for external use. Consistency Principle 1.12 CONSISTENCY PRINCIPLE Definition: The accounting methods used by the business should be applied consistently from one reporting period to another. This allows comparisons of the firm’s performance to be made over time.
- 5. © Michael Allison. Author’s permission required for external use. Consistency Principle Applying the consistency principle ensures the qualitative characteristic of comparability If constant changes were made to how items were recorded and the methods used, comparisons over time would be difficult 1.12 CONSISTENCY PRINCIPLE $500,000 Purchase Price $600,000 Value Today Year 1 Purchase PriceValued at… Year 3 Value Today Year 2 Value Today Year 4 Purchase Price
- 6. © Michael Allison. Author’s permission required for external use. Consistency Principle 1.11 CONSERVATISM PRINCIPLE Building A Purchase Price Value TodayValued at… Building B Purchase Price Building C
- 7. © Michael Allison. Author’s permission required for external use. TASK In-class Homework SQ19 X SQ20 X