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Qualitative Characteristics of Financial Statements
  • Financial information faithfully represents transactions and events when accounted for in accordance with their substance and economic reality and not merely their legal form. Commonly, a legal agreement will purport that a company has "sold" assets to a third party. However, an analysis of the substance of the arrangement indicates that the company retains control over the future economic benefits and risks embodied in the asset, and should continue to recognize it on its own balance sheet.

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