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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?
This is actually known as substance over form, and is explained clearly in the free lectures 🙂
Yes I did, but fair representation explain that accountant being honest and Faithfull view of the business?
Yes.
How come this involves substance over form? Both are different concept?
Yes – they are different concepts.