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Financial Reporting - Crabtree and Oates.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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Asif Ali Financial Reporting Jim Hewitt Crabtree and Oates Task 4 Concepts * Consistency Concept * Prudence Concept * Materiality Concept FRS (Financial Reporting Standards) * FRS 15 * FRS 3 * FRS 18 The consistency concept is very important because it requires that a business adopts certain accounting methods that are consistent throughout the life of the business. An example of this would be if a business decided that they will depreciate 10% off plant and machinery per annum using the straight line method they are required to keep that figure of 10% and method in the future for that particular asset because this is classed to be consistent. By using the consistency concept the value of an asset stays consistent and doesn't vary due to the changes that have been made in the accounting methods. The asset would be affected if for example an asset was depreciated at 10% per annum using the straight line method in 2002, and in the...
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