22.4 Accounting principles
　　●Consistency:
　　- means the uniformity of accounting procedures and policies used by a business from period to period to promote comparability.
　　●Materiality:
　　- is a threshold quality that is demanded of all information in the financial statements. financial statements should separately disclose items that are significant ( material) enough to affect decisions made by users. ( a company’s sale of $1,000 compared to total sale of 10,000 and 100,000)
　　- The understandability (clarity) of the financial statements is improved if only significant(material) items are included.
　　●Substance over form:
　　- The economic substance of a transaction should be recorded rather than simply
　　its legal form.
　　E.g. A consolidated financial statement for a group company is in compliance with substance over form concept.