consistency principle

Definition

An accounting principle that states that a business should stick with the same accounting system once one has been chosen, and that any change of accounting systems must be thoroughly documented. Auditors are charged with maintaining consistency, to ensure that a company's financial records remain accurate and coherent.

Use this term in a sentence

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
consistency consistent reporting