Comparability By: Graeme & Moose.

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Presentation transcript:

Comparability By: Graeme & Moose

Comparability Two different companies comparing one another’s financial information, also using the same accounting principles.

Examples Company 1 comparing financial information with company 2, who use the same accounting principles, to understand if their (company 1) performance had decreased or increased.

Consistency Comparability is easier when accounting policies are used consistently Consistency means that a company uses the same accounting principles and methods from year-to-year. Meaning they don’t change their accounting policies from, for example, FIFO in year 1 to LIFO in year 2.

Quiz Question What is comparability?