Explain the doctrine of substance over form

Reference no: EM13126488

1. An acquaintance of yours is considering acquiring bonds as an investment. Your friend states "I will only invest in bonds that sell at a discount. I can't imagine why a person would pay more than maturity value for the bond. That appears to be plain stupid." Comment.

2. In general, explain the doctrine of "substance over form". Apply this concept to leases. In general, do you believe the idea of "substance over form" to be an important for accountants? Why? Why not?

Reference no: EM13126488

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