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Doubt

This topic has 5 replies, 2 voices, and was last updated 8 years ago by John Moffat.

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May 2, 2016 at 11:51 pm #313425
abrizni10
Member
- Topics: 55
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Sir I don’t understand this
Faithful representation means that the commercial effect of a transaction must always be shown in the financial statements even this differs from legal form.
Can u pls explain me this very clearly?
May 3, 2016 at 8:17 am #313468
John Moffat
Keymaster
- Topics: 57
- Replies: 54479
This is actually known as substance over form, and is explained clearly in the free lectures 🙂
May 3, 2016 at 8:45 am #313484
abrizni10
Member
- Topics: 55
- Replies: 49
Yes I did, but fair representation explain that accountant being honest and Faithfull view of the business?
May 3, 2016 at 8:57 am #313489
John Moffat
Keymaster
- Topics: 57
- Replies: 54479
Yes.
May 3, 2016 at 9:06 am #313493
abrizni10
Member
- Topics: 55
- Replies: 49
How come this involves substance over form? Both are different concept?
May 3, 2016 at 6:05 pm #313558
John Moffat
Keymaster
- Topics: 57
- Replies: 54479
Yes – they are different concepts.
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