The idea of substance over form supports the recording of a finance lease as an asset, even
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‘The idea of “substance over form” supports the recording of a finance lease as an asset, even though there is no legal ownership. This suggests that the idea of substance over form is a dangerous one’. Discuss.
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The concept of substance over form in accounting refers to the principle that the economic reality of a transaction should be emphasized over its legal or technical form It aims to ensure that financi...View the full answer
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Somshukla Chakraborty
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Related Book For 
Financial Accounting An International Introduction
ISBN: 9781292102993
6th Edition
Authors: David Alexander, Christopher Nobe
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