consistency concept Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “consistency concept” in the English Dictionary

"consistency concept" in Business English

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consistency conceptnoun [S]

uk   us   (also consistency principle)
ACCOUNTING a basic ​principle of ​accountingstating that the same ​methods for doing ​accounts should be used from one ​financialyear to the next so that ​profits, ​losses, etc. can be compared: According to the consistency ​concept, once a ​business has decided on a particular ​method for ​treating an ​accountingitem, it will ​treat all similar ​items in the same way in the future.
(Definition of consistency concept from the Cambridge Business English Dictionary © Cambridge University Press)
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