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Meaning and scope

What is the meaning of "ACCOUNTING DATA IS MORE USEFUL IF IT STRESSES ECONOMIC SUBSTANCE RATHER THAN TECHNICAL FORM

Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

★ 11K+

09-Jul-20

44

Answers (2)

It is the concept of substance over form. Accounting data / reports should reflect the true intention of transaction that complicated legal structures based on which some entries may be passed.

Sriram Somayajula

Sriram Somayajula

Admin

09-Jul-20

Thank you sir

Thread Starter

Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

★ 11K+

09-Jul-20

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