What is CONSISTENCY PRINCIPLE?

The idea that once an accounting method is chosen it is followed until the end. If a change is made it must be disclosed and explained. AKA consistency concept. Refer to accounting concepts.

More On This Topic



Link to This Definition
Did you find this definition of CONSISTENCY PRINCIPLE helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary