Please describe the difference between the substance and form of financial statements. Give an example of...
Please describe the difference between the substance and form of financial statements. Give an example of each.
Homework Answers
Substance :
Substance of a financial statement means recording the transaction in its original nature. It emphasis the content of the transaction. Whatever is the actual nature of transaction is its substance.
Form :
Form is the way the transactions are presented or recorded in a Financial statement.
· Generally substance is related to the content of transaction in a financial statement. On the other hand, form relates to its presentation.
· Usually, the substance of a transaction and form of the transactions are same.
· However, in some instances, the substance may differ from the form.
Example :
1. In case 2 firms had exchanged their inventories, the substance here is exchange, Whereas, the form is a contract of sale and a contract of purchase
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