FASB to Practitioners: ‘Substance Over Form’ for Me but Not for Thee – An Apologia

Abstract This an apologia to Williams, P. F. (2022). The decline of substance over form in accounting: A problematic dichotomy. Accounting, Economics, and Law: Convivium critique Fischer, D., Ellman, O., & Schochet, S. (2021). accounting. , 20190052 article about the concept “substance form” has traditionally been a guiding principle for practicing accountants. In recent years, FASB taken away prerogative from individual practitioners organically evolved GAAP. pre-FASB era, GAAP was indeed bottom-up generally-accepted framework. Nowadays, appropriates itself privilege decide when conforms with economic should be bent correspond accounting theory.