Latex 17th century, latex has been used as a term for the fluid substance in plants. It serves mainly as defense against herbivorous insects. Latex is not to be confused with plant sap; it is a separate substance, separately produced, and with separate functions. The word latex is also used to refer to natural latex rubber, particularly non-vulcanized rubber. Such is the case in products like latex gloves, latex condoms and latex clothing. Originally, the name given to latex by indigenous Equator tribes who cultivated the plant was “caoutchouc”, from the words “caa” (tear) and “ochu” (tree), because of the way
Substance over form Substance over form Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will show the overall financial reality of the entity (economic substance), rather than the legal form of transactions (form). In accounting for business transactions and other events, the measurement and reporting is for the economic impact of an event, instead of its legal form. Substance over form is critical for reliable financial reporting. It is particularly relevant in cases of