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You are a business consultant providing information and advice to future small business owners. One difficult concept for your clients to understand is the concept of economic substance.
Accountants do not base the recognition of revenues and expenses on the income statement on the collection of cash or on the disbursement of cash.
Revenues and expenses are recognized when the economic substance of the transaction has taken place. Explain the meaning and importance of economic substance and how it relates to the financial statements.
Verified Expert
The paper is in relation to the analysis of the concept of economic substance wherein the recognition of the revenue and expenses in the financial statements are on the basis of their substance inspite of the legal form. This concept is followed all across the accounting world.
The paper was to do an analysis of the concept of an economic substance wherein the recognition of the revenue and expenses in the financial statements are on the basis of their substance inspite of the legal form. This concept is followed all across the accounting world and you provided enough references and citations to prove the findings. Thanks. Very happy with the assignment.
You are a business consultant providing information and advice to future small business owners. One difficult concept for your clients to understand is the concept of economic substance. Accountants do not base the recognition of revenues and expenses on the income statement on the collection of cash or on the disbursement of cash. Revenues and expenses are recognized when the economic substance of the transaction has taken place. Explain the meaning and importance of economic substance and how it relates to the financial statements.
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