Thursday, 21 July 2011

UK: fundamental importance of the true and fair view reiterated by APB and ASB

Section 393 of the Companies Act (2006) provides that a company's directors must not approve accounts unless satisfied that they give a true and fair view. The Auditing Practices Board and Accounting Standards Board - part of the  Financial Reporting Council - have today published a paper explaining that the true and fair requirement remains fundamentally important in UK Generally Accepted Accounting Practice (GAAP) and International Financial Reporting Standards (IFRS): see here (pdf).

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