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International Financial Reporting (Fair presentation of financial reports. Basic rules)
Finance & Accounting
Pages 21 (5271 words)
As per IAS 1.15, the reports should “give fairly" the financial status and cash flow of a company. Fair presentation will also include the faithful dissemination of the impacts of transactions and situations as per the identification standards for income, expenses and liabilities.
“True and Fair View” The notion “true and fair view” has originated from British accounting. There has numerous definition of “true and fair view” as there is no exact definition available of the term either by the standard setters or in law or even through court verdicts. The notion “true and fair view” has never been defined officially and as the principle is dynamic, it is neither desirable nor possible to give an exact definition for the concept. (Evans 2003:312) However , in a French case that was decided in 1994 did mention about the phrase that termed it as a trust on adhering with accounting regulations, which does not automatically guarantee a true and fair view. IASB demands that financial reports should offer a true and fair view. US accounting regulation's demand that accounts should be presented as per generally accepted accounting principles. (Walton & Aerts 2006:69). As per IFRS, the general intention of financial reports is to offer a just and fair presentation of the modification or changes in the financial performance and position of a business organisation or a company. ...
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