Substance over form: Difference between revisions
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'' | ''Financial reporting - accounting concepts.'' | ||
The accounting principle that financial transactions and financial relationships are dealt with and presented in accordance with their commercial substance. | The accounting principle that financial transactions and financial relationships are dealt with and presented in accordance with their commercial substance. | ||
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* [[FRS 102]] | * [[FRS 102]] | ||
* [[Off balance sheet]] | * [[Off balance sheet]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
Latest revision as of 13:58, 29 October 2020
Financial reporting - accounting concepts.
The accounting principle that financial transactions and financial relationships are dealt with and presented in accordance with their commercial substance.
(Even if this differs from the legal form of the transaction.)
Relevant accounting standards include Sections 2, 11, 12 and 23 of FRS 102.
