what is the meaning of true & fair view..in context of
'financial statements present a true & fair view ...."
i mean if a question comes in exam
what do u understand by the term true & fair?
briefly discus he term true & fair?
plz read the reply in student section
true and fair view means
1 which change the decision of the users of the financial statment
2 truthness means all transcation are true in accordance with the company
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Ammar</i>
<br />true and fair view means
1 which change the decision of the users of the financial statment
2 truthness means all transcation are true in accordance with the company
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Your definition is correct.
However under International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) auditors are required to replace the term "true and fair view" with the statement "stated fairly".
true n fair means...
> financial statememnts are made in accordance with IAS
> Accounting policies are consistently followed
> F/S are free from any material misstatement
thats it..)