Which of the following statements best describes the consistency concept?
A. Only material items are disclosed B. The way an item is presented always remains the same C. Presentation and classification of items should remain the same unless a change is required by an IFRS D. A, \(\mathrm{B}\) and \(\mathrm{C}\)
Correct Answer: C
Explanation
The consistency concept states that when a company chooses one method it should continue to such method over time so as to ensure comparison of accounting data overtime.
