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Question 2 A Conceptual framework for reporting emphasised the importance that transactions should be recorded based on their substance over their form. Explain the importance
Question 2 A
Conceptual framework for reporting emphasised the importance that transactions should be recorded based on their substance over their form. Explain the importance of substance over form and why financial statements should show the substance of the underlying transaction differs from its legal form.
b) Evaluate the conceptual issues involved in product development costs and the definition of asset that may be applied in determining whether development expenditure should be treated as an expense or an asset.
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