The Accounting Standards Board (ASB) and Auditing Practices Board (APB) of the Financial Reporting Council (FRC) has reconfirmed that the true and fair view remains of fundamental importance in both UK generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). A recent paper for preparers and auditors explains the continuing primacy of the true and fair requirement and its relevance to preparers, those charged with governance and auditors.
ASB chairman Roger Marshall said: “The concept of true and fair has underpinned UK GAAP for many years. Concerns have been raised about the relationship of true and fair to IFRS in some quarters, not least in evidence to the recent House of Lords Economic Affairs Committee inquiry into audit market concentration. The purpose of our paper today is to remind both preparers and auditors that the true and fair requirement remains of fundamental importance in both UK GAAP and IFRS.”
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