what is the meaning of consistency in accounting
Convention of consistency In accounting, the convention of consistency is a principle that the same management accounting principles should be used for preparing financial statements over a number of time periods.[1][2] This enables the management to draw important conclusions regarding the working of the concern over a longer period.[3] It allows a comparison in the performance of different periods. If different accounting procedures and processes are used for preparing financial statements of different years then the results will not be comparable because these will be based on different postulates.
Generally Accepted Accounting Principles (Canada) The handbook is currently updated by a number of groups, including the AcSB for profit and not for profit organizations, the Public Sector Accounting Standards board for the public sector, and the Auditing Standards Board for the auditing sections.