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The presentation and classification of items in the financial statements should be same from one period to the next period.
However, this is not always feasible in financial accounting, since entities may not follow the consistency concept once there is justification for doing so.
THe presentation of Financial Statement from one accounting period to other accounting period.
I agree with Mr. Altaf Hussain answer
The presentation & classification of items in financial statements shall be retained from one period to next period unless a change is justified either by a change in circumstances or requirement of new IFRS.
Consistency of presentation
The presentation and classification of items in the financial statements shall be retained from one period to the next unless a change is justified either by a change in circumstances or a requirement of a new IFRS. [IAS1.45]
Agree with the given answers.
There are two aspects of the consistency concept: firstly, within a given accounting period, similar items should receive the same accounting treatment, and secondly, the same accounting treatment should be applied from one accounting period to the next.
AGREE WITH ALL ANSWERS
Agree with all the answers, thanks for participation
