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Two of the qualitative characteristics (I will call them concepts) of high-quality accounting information are...

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Accounting

Two of the qualitative characteristics (I will call them concepts) of high-quality accounting information are comparability and consistency. Comparability means that different companies report the same account using similar standards. Consistency means the same company reports the same account from year to year using similar standards across years.

Option 1.

Please provide an example of these of comparability and consistency. Also please provide exceptions when you think it is appropriate to depart from these concepts.

Option 2. If you prefer to demonstrate by actual example, choose two companies in the same industry to illustrate how they report an account in a comparable manner. Compare the footnote disclosures for the account by the two companies. Also, for one of the companies, examine the same account and footnotes five years earlier.

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