A continuing problem in accounting is where companies use multiple contracts to circumvent the intentions of rules.
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A continuing problem in accounting is where companies use multiple contracts to circumvent the intentions of rules. Sometimes this is called ‘the need for accounting to reflect substance over form’. Lehman Bros in the USA entered into a contract for sale of some securities which it agreed to buy back after balance date. What are the advantages and disadvantages of the ‘substance over form’ approach?
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Related Book For
Financial Accounting And Reporting
ISBN: 9781292255996
19th Edition
Authors: Barry Elliott, Jamie Elliott
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