🎩 Introduction: What’s All the Hoopla About?
Imagine if accounting was a colorful circus, the consistency concept would be the tightrope walker—always balancing perfectly on the thin line of accounting principles! Enshrined in the holy books of SSAP 2 and worshipped by accountants everywhere, it demands a steadfast treatment of like items within and across accounting periods.
🍕 Consistency does not mean Same-sistency: What the Fuss Is All About
If life’s only certainty is change, does that mean the consistency principle is partying like it’s 1999 in an anti-change bubble? Not quite! It’s more like that friend who insists on wearing the same type of Hawaiian shirt to every party so everyone recognizes him instantly. Uber-cool in the beginning, but slightly yawn-inducing later.
Comedic Clarity with a Chart 🌈: (Trust us, it’s worth the laugh!)
graph LR
A[Start] --> B[Consistent Treatment] --> C{Like Items in Periods}
C --> D[Apply Accounting Polices Equally]
C --> E[Maintain Comparability and Comprehensibility]
🚀 Consistency’s Evolution: Dinosaur Principle or Subaru of the Financial World?
Thanks to flashier concepts like comparability and relevance, consistency no longer hogs the limelight like it used to. But don’t let that fool you, it’s still the unsung hero ensuring you don’t mix oranges with, uh, oranges on steroids.
The Fall into Second Tier Principles:
One fine day, accounting honchos decided “Consistency, you’re cool, but we’d like a true and fair view from our penthouse, please.” Thus, comparability became the new rock star! 🎸
📝 Apply it Wisely: Lessons from a Squirrel Consistently Storing Nuts
Remember, consistency doesn’t mean rigidly sticking to archaic methods. The new mandate? Use what’s most appropriate for a true and fair view, kinda like adapting from typewriters to tablets.
💡 Formula Corner: When the Math Meets Fun!
Imagine:
