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True and fair view: a European perspective

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  • Justice Arden

Abstract

The article considers the true and fair view from the viewpoint of the British courts of law. It is noted that while it is an obligation for all preparers to observe, its interpretation is a matter for the courts. It is a dynamic concept and the courts in the UK will interpret it contemporaneously in regard to the facts of the individual case, although accounting opinion would probably play an important role. Its function is to provide an opportunity for the court to adjudicate when there are problems which the rules do not solve. The ultimate legal authority is the European Court of Justice, but this does not mean that there must be a uniform EU interpretation of the true and fair view.

Suggested Citation

  • Justice Arden, 1997. "True and fair view: a European perspective," European Accounting Review, Taylor & Francis Journals, vol. 6(4), pages 675-679.
    • Handle: RePEc:taf:euract:v:6:y:1997:i:4:p:675-679
    DOI: 10.1080/09638189700000008
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    Cited by:

    1. Hamilton, Gavin & Ó hÓgartaigh, Ciarán, 2009. "The Third Policeman: ‘The true and fair view’, language and the habitus of accounting," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 20(8), pages 910-920.
    2. David Alexander & Simon Archer, 2003. "On economic reality, representational faithfulness and the ‘true and fair override’," Accounting and Business Research, Taylor & Francis Journals, vol. 33(1), pages 3-17.
    3. Axel Haller, 2002. "Financial accounting developments in the European Union: past events and future prospects," European Accounting Review, Taylor & Francis Journals, vol. 11(1), pages 153-190.
    4. Katarzyna Kosmala MacLullich, 2001. "Truth and Fairness in Accounting: A Case of Polish Transition Economy," CERT Discussion Papers 0102, Centre for Economic Reform and Transformation, Heriot Watt University.
    5. Lisa Evans, 2003. "The true and fair view and the ‘fair presentation’ override of IAS 1," Accounting and Business Research, Taylor & Francis Journals, vol. 33(4), pages 311-325.

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