CONSISTENCY PRINCIPLE Definition

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CONSISTENCY PRINCIPLE requires accountants to apply the same methods and procedures from period to period. When they change a method from one period to another they must explain the change clearly on the financial statements.

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FCPA, in Australia and elsewhere, is Fellow Certified Practicing Accountant. In the USA, see FOREIGN CORRUPT PRACTICES ACT.

BOOKS OF ACCOUNT are the financial records of a business. Usually refers to the lowest level of recorded data, before summaries are made.

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