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FR – May 2018 – L2 – Q2a – Conceptual Framework for Financial Reporting

Discuss the importance of recording transactions based on their substance over form and explain features that show substance may differ from legal form.

Question

Discuss the importance of the statement that transactions should be recorded in the financial statements based on their substance over form. Explain the features that may show that the substance of a transaction may differ from its legal form.

Answer

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Tags: Conceptual Framework, Economic Substance, Financial Reporting, Legal form, Substance Over Form, True and Fair View
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: MAY 2018

CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

Question

In May 2008, the International Accounting Standards Board (IASB) issued the discussion paper Preliminary Views on an Improved Conceptual Framework for Financial Reporting – The Reporting Entity. The objective of the Reporting Entity phase is to determine what constitutes a reporting entity for the purposes of financial reporting.

Required:
Identify and explain TWO different approaches to determining what a “reporting entity” should be for financial reporting purposes.

Answer

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Tags: Control, Financial Reporting, Legal form, Management, Ownership, Reporting entity
Level: Level 3

Topic: Accounting Concepts
Series: MAY 2018

FR – May 2018 – L2 – Q2a – Conceptual Framework for Financial Reporting

Discuss the importance of recording transactions based on their substance over form and explain features that show substance may differ from legal form.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conceptual Framework, Economic Substance, Financial Reporting, Legal form, Substance Over Form, True and Fair View
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: MAY 2018

CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

Question

Required:
Identify and explain TWO different approaches to determining what a “reporting entity” should be for financial reporting purposes.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control, Financial Reporting, Legal form, Management, Ownership, Reporting entity
Level: Level 3

Topic: Accounting Concepts
Series: MAY 2018

Question Tag: Legal form

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FR – May 2018 – L2 – Q2a – Conceptual Framework for Financial Reporting

Discuss the importance of recording transactions based on their substance over form and explain features that show substance may differ from legal form.

CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

FR – May 2018 – L2 – Q2a – Conceptual Framework for Financial Reporting

Discuss the importance of recording transactions based on their substance over form and explain features that show substance may differ from legal form.

CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

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FR – May 2018 – L2 – Q2a – Conceptual Framework for Financial Reporting

Discuss the importance of recording transactions based on their substance over form and explain features that show substance may differ from legal form.

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CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

You're reporting an error for "CR – May 2018 – L3 – Q5c – Accounting and reporting concepts"

FR – May 2018 – L2 – Q2a – Conceptual Framework for Financial Reporting

Discuss the importance of recording transactions based on their substance over form and explain features that show substance may differ from legal form.

You're reporting an error for "FR – May 2018 – L2 – Q2a – Conceptual Framework for Financial Reporting"

CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

You're reporting an error for "CR – May 2018 – L3 – Q5c – Accounting and reporting concepts"

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