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COMPARABILITY The accounting concept of comparability is defined as "the quality of information that enables users to identify similarities in and differences between two sets of economic phenomena." For investors, adherence to the concept of comparability is essential to the process of comparing the financial results of two or more companies.
Therefore, an these should be included in our net income concept, and this is the case, if we use, like Mr Azhar, the accounting concept of net income.
After some adjustments to NI, including several deductions (e.g., for contributions to government social insurance) and several additions (e.g., for personal-income receipts on assets), we arrive at the accounting concept designated personal income (PI), which, because the foregoing deductions and additions have been almost offsetting, has been approximately the same magnitude as NI in recent years.
Thus, the Wal-Mart decision essentially allows the financial accounting concept of "materiality" to be a determining factor in ascertaining whether a tax accounting method is a "best accounting practice" or "clearly reflects" income for tax purposes.
The importance of cash flow information to financial statement users is acknowledged in Statement of Financial Accounting Concept Statement No.
The completed contract method of accounting for income for long-term contracts is an exception to the annual accounting concept generally governing income recognition under the federal tax laws.
In essence, every accounting concept and principle which financial reporting rests upon will be reexamined and either reaffirmed, revised, or discarded.
Most persons with a business background realize that, by definition, income is not a very useful accounting concept for nonprofits, but take longer to realize that the other bottom line, owner's equity, is not a very useful idea either.
Perhaps the most important barter accounting concept is that the IRS treats barter transactions as income received for both accrual-basis and cash-basis clients.
Besides introducing students to the accrual accounting concept and system, it makes them aware of accounting's central role within the business environment.
Category 2 includes the guidelines used in defining an accounting concept. The consistent guideline in this category is the definition of significant--ranging from 10 to 20%.

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