True and fair - or only fairly true?

Article Abstract:

UK accountants find it hard to give a clear definition of 'a true and fair view,' a phrase that appears in all audit reports. This difficulty is attributed in part to the creation of accounting standards which have come to replace thought and even wisdom for many accountants. In the 1970s, when the Statement of Standard Accounting Practices had not yet been implemented, auditors could have easily explained that the phrase expressed the concepts of consistency and prudence. The process of audit reporting has become more complex since the 1970s because the accounting profession has evolved and auditors have become more competitive. Yet, the profession has been failing to let the public know of its role in business. An effective auditor could inform the public with ease that a true and fair view has to do with ensuring that accounts fairly represent all significant financial data and contain no misleading information.

Standards, Accounting, Practice, Financial statements

---

District societies face financial crises

Article Abstract:

The outcome of the campaign launched by the Institute of Chartered Accountants in England and Wales to win approval for increases in fees and subscriptions could be crucial to the solvency of some financially-strapped district societies. Of these societies, only three have the protective advantage of having limited company status. The other financially troubled societies such as Manchester and Southern, however, could well be forced into bankruptcy if the Institute's financial problems lead to a marked decrease in the grant money given to societies facing budgetary problems. Officials of the societies faced with the prospect of insolvency have mixed views about the possible outcome of the Institute's campaign. Some officials believe that members will approve the increases, but others say that the general hostility of members to the proposed increases limits the chances of approval.

Finance, Institute of Chartered Accountants in England and Wales, Associations

---

Similar abstracts:

• Abstracts: The tax effect of capital contributions. Asset finance: a real choice
• Abstracts: The effect of taxes and depreciation on corporate investment and financial leverage. Tax arbitrage and the existence of equilibrium prices for financial assets
• Abstracts: Lending on best advice? Flexing your motivational muscles
• Abstracts: Organizational boundaries and economic performance: an empirical study of entrepreneurial computer firms. The dynamics of the liability of foreignness: a global study of survival in financial services
• Abstracts: The rise of the financial eye. Red card for football finance

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.