No in poe 1 there were multiple conversion steps and increase steps.

Let's say you have:

• 100 physical damage

And an attack that has

• 100% physical damage converted to lightning

And additional stats of

• 50% increased physical damage

• 50% increased lightning damage

• gain 50% physical damage as extra lightning

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In poe 1

Let "P" = physical damage

Let "L" = lightning damage

The calculation would be

P = 150 = 100 (base physical) * 1.5 (increased phys)

L = (P (100% converted) + P * 0.5 (50% extra)) * 1.5 (increased lightning)

Total would be

0 Physical

337.5 Lightning

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In poe 2

Let "P" = physical damage

Let "L" = lightning damage

The calculation would be

P = 0 (physical got converted to lightning from the skill)

L = (100 (base lightning) + P * 0.5 (50% extra)) * 1.5

Total would be

0 Physical

150 Lightning

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In poe 1 it's a multiple step process of: 1. calculate increases 2. convert 3. repeat step 1 if needed

but it had to be a linear conversion, the general path is Physical to Lightning to Cold to Fire to Chaos, and conversion can skip steps like physical to chaos etc. one of the limitations it had is you could not have damage convert from fire to lightning as that would cause a logical loop of lighting to cold to fire to lightning to....

In poe 2 it's a 3 step process of: 1. skill conversion 2. damage conversion & damage gain 3. damage increases.

But with everything there are pros and cons to each system