Substance over form is an accounting concept which means that the economic substance of transactions and events must be recorded in the financial statements rather than just their legal form in order to present a true and fair view of the affairs of the entityIn order to ensure application of the accounting concepts and principles, major accounting standardsetting bodies have incorporated them into their reporting frameworks such as the IASB Framework Following is a list of the major accounting concepts and principles Relevance Reliability Matching ConceptSubstance vs form concept substance is the material or essential part of something, as distinguished from form, which is the observance of a legal or technical manner or order In some tax situations, the courts and the IRS look past the form to determine the substance of a transaction in order to find out what was done in fact rather than
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