Substance over form

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Revision as of 11:38, 6 November 2015 by imported>Doug Williamson (Update for FRS 102)
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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.

See also