Which statement accurately describes the concept of Substance Over Form in accounting standards and its emphasis on recording transactions?
A. Substance Over Form focuses solely on the legal aspects of transactions, disregarding their economic implications.
B. Substance Over Form prioritizes recording transactions based on their legal form rather than their economic substance.
C. Substance Over Form ensures that transactions are recorded based on their economic substance, even if their legal form suggests otherwise.
D. Substance Over Form allows for manipulation of financial statements by emphasizing the legal aspects of transactions over their economic implications.
