Q. I have been asked to give an example of a situation in which there is a clash or inconsistency between two accounting concept
28 August 2012
…I understand what the concepts are but can’t think of an example where they would clash.
…I understand what the concepts are but can’t think of an example where they would clash.
There are a number of examples which would demonstrate inconsistency between two accounting concepts or conventions. For example consistency is a concept which is widely recognised as aiding comparison between one year and another. However, if it were possible to...