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Define substance over form concept.

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Question added by Shan Ibrahim , Audit Senior , RSMI Avais Hyder Liaquat Nauman Chartered Accountants
Date Posted: 2016/01/06
Muhammed Aslam
by Muhammed Aslam , Office Administrator , alameenstationery trading llc

Substance over form is the concept that the financial statements and accompanying disclosures of a business should reflect the underlying realities of accounting transactions. Conversely, the information appearing in the financial statements should not merely comply with the legal form in which they appear.

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