It will always be necessary to bear in mind the overriding requirements of fair presentation. Two considerations affect the application of GAAP, in particular, situations (AC 100.11.)

1. Substance over form: Transactions and other events should be accounted for and presented in accordance with their substance and financial reality, and not merely with their legal form.  

1. Substance over form: All Financial transactions and events must be recorded and presented.  All transactions and movement must be accounted for and should there be any deviations the necessary information needs to be brought to the Regulatory board. 

2. Materiality: Financial transactions should disclose all items which are material enough to affect evaluations or decisions.

The requirements of the Companies Act and Schedule 4 thereto are taken into account in the preparation of GAAP. Some entities may be required to prepare financial statements that comply with other statutes.