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- Title
The Decline of Substance over Form in Accounting.
- Authors
Fischer, Dov; Ellman, Ortal; Schochet, Sholom
- Abstract
"Substance over form" is a traditional accounting maxim that has also influenced legal thinking and has its roots in classical philosophy. "Substance over form" states that accountants do not record transactions based on the outward form of the transaction but discern its economic substance and report accordingly. Nevertheless, "substance over form" has been deemphasized by the FASB's conceptual framework in recent decades, to the point that an internal debate now rages over whether accountants and auditors have a right and responsibility to put substance over form. FASB must therefore make its position clear on where it stands in this debate.
- Subjects
FINANCIAL Accounting Standards Board; TRANSACTION records; ACCOUNTANTS; AUDITORS
- Publication
Accounting, Economics & Law, 2023, Vol 13, Issue 3, p373
- ISSN
2194-6051
- Publication type
Article
- DOI
10.1515/ael-2019-0052