The Substance of Transactions
A. C. Littleton’s Final Thoughts on Accounting: A Collection of Unpublished Essays
ISBN: 978-1-78635-390-0, eISBN: 978-1-78635-389-4
Publication date: 15 October 2016
Abstract
The exchange of reciprocal and quantitative consideration between transaction parties rests on the independent intentions and judgments of potential benefit for each. A transaction consummated between independent parties should logically be beyond subsequent unilateral modification. And, because “duality” is inherent in every exchange-priced transaction, the account form follows the lead of transaction substance. Conditions precedent to consummation of a transaction is two affirmative value judgments by the parties as to the benefits expected.
Citation
(2016), "The Substance of Transactions", A. C. Littleton’s Final Thoughts on Accounting: A Collection of Unpublished Essays (Studies in the Development of Accounting Thought, Vol. 20), Emerald Group Publishing Limited, Leeds, pp. 215-224. https://doi.org/10.1108/S1479-350420160000020046
Publisher
:Emerald Group Publishing Limited
Copyright © 2016 Emerald Group Publishing Limited