Once you\u2019ve chosen an accounting presentation (the way you show your financial results on statements and in notes), you must retain their consistency. It\u2019s not how you please that you can change them, but there are specific conditions they can be changed.\u00a0<\/p>\n
Matter of fact is that those conditions rarely do come upon. As such it\u2019s obvious that once you\u2019re in the position of choosing the way you want to present things, you must make those choices carefully. There are rarely any good reasons to change them often.<\/p>\n
IFRS states that accounting presentations can be changed if the new presentation method would provide more reliable and relevant information, that is, the new presentation must be an improvement on the previous presentation. When we\u2019re talking about improvement in accounting presentation I\u2019d say that those are the newer approaches obviously, but also those that give more information to the users of the report.<\/p>\n
So as you can see, changing accounting presentation is possible, but it\u2019s to be considered with care. With care as in first off make sure you\u2019ve initially chosen the appropriate one obviously, but if the situation arises that you feel some other approach is better, do consider if it\u2019s really an improvement and if it\u2019s providing more information to users.<\/p>\n","protected":false},"excerpt":{"rendered":"
Once you\u2019ve chosen an accounting presentation (the way you show your financial results on statements and in notes), you must retain their consistency. It\u2019s not how you please that you can change them, but there are specific conditions they can be changed.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,74],"tags":[],"class_list":["post-3768","post","type-post","status-publish","format-standard","hentry","category-2-processes","category-2-7-accounting-in-itself"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=3768"}],"version-history":[{"count":2,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3768\/revisions"}],"predecessor-version":[{"id":3770,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3768\/revisions\/3770"}],"wp:attachment":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=3768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=3768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=3768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}