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?
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Doubt
10y ago#1This 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?
10y ago#3Yes.
How come this involves substance over form? Both are different concept?
10y ago#5Yes - they are different concepts.
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