Section 393 of the Companies Act 2006 provides that the "... directors of a company must not approve accounts ... unless they are satisfied that they give a true and fair view of the assets, liabilities, financial position and profit or loss ...". In a statement published yesterday, the Financial Reporting Council confirmed that this remains "... of fundamental importance in IFRS and UK GAAP, whether embodied in the new standards FRS 100 – 103 or the standards they replace": see here (pdf).
Friday, 6 June 2014
UK: FRC statement on 'true and fair' view
Section 393 of the Companies Act 2006 provides that the "... directors of a company must not approve accounts ... unless they are satisfied that they give a true and fair view of the assets, liabilities, financial position and profit or loss ...". In a statement published yesterday, the Financial Reporting Council confirmed that this remains "... of fundamental importance in IFRS and UK GAAP, whether embodied in the new standards FRS 100 – 103 or the standards they replace": see here (pdf).
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