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''Accounting.''  
''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.   

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.


See also