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Consistency

Consistency means applying accounting policies and presentation methods consistently to similar transactions and from one period to the next. It helps users compare results, but it does not prohibit justified changes required by a standard or producing more useful information. Changes must follow the relevant accounting and disclosure rules. Similar items should be treated consistently within the same reporting period.

Worked example

A business uses the same inventory cost formula for inventories with a similar nature and use, supporting comparison of margins over time.

Common mistake

Consistency does not justify continuing an incorrect policy or using identical methods for transactions that are economically different.

Where it appears in your exams

QualificationExamRelationshipPeriod
ACCA F1 Direct July 2027–August 2028
ACCA FA Direct September 2026–June 2027
ACCA K1 Direct July 2027–August 2028
CIMA BA3 Direct Official assessment-window verification pending
FIA FFA Direct September 2026–June 2027

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