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'True and fair' in the Netherlands: inzicht or getrouw beeld ?

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  • Stephen Zeff
  • Willem Buijink
  • Kees Camfferman

Abstract

In the Netherlands, the standard form of the opinion paragraph of the auditor's report refers to the financial statements giving a getrouw beeld, a phrase which in its literal meaning and material content closely resembles the British 'true and fair view'. However, in Dutch reporting law, the central overriding criterion is worded differently. According to the law, the financial statements are to give an 'insight' into financial position and results. The co-existence of these two phrases, which pre-dates the Fourth Directive, is an interesting departure from practice in other European countries. In this paper, we present an historical analysis of this phenomenon. We argue that it is related to a number of central concerns of the Dutch audit profession, in particular its desire to stay abreast of international developments and its attempts to define a proper balance between auditor responsibility and legal requirements.

Suggested Citation

  • Stephen Zeff & Willem Buijink & Kees Camfferman, 1999. "'True and fair' in the Netherlands: inzicht or getrouw beeld ?," European Accounting Review, Taylor & Francis Journals, vol. 8(3), pages 523-548.
    • Handle: RePEc:taf:euract:v:8:y:1999:i:3:p:523-548
    DOI: 10.1080/096381899335925
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    References listed on IDEAS

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    1. K. Van Hulle & K. U. Leuven, 1993. "Truth and untruth about true and fair: a commentary on 'A European true and fair view' comment," European Accounting Review, Taylor & Francis Journals, vol. 2(1), pages 99-104.
    2. David Alexander, 1993. "A European true and fair view?," European Accounting Review, Taylor & Francis Journals, vol. 2(1), pages 59-80.
    3. David Alexander, 1993. "A European true and fair view?," European Accounting Review, Taylor & Francis Journals, vol. 2(1), pages 17-46.
    4. David Alexander, 1996. "Truer and fairer. Uninvited comments on invited comments," European Accounting Review, Taylor & Francis Journals, vol. 5(3), pages 483-493.
    5. Peter Walton, 1997. "The true and fair view and the drafting of the Fourth Directive," European Accounting Review, Taylor & Francis Journals, vol. 6(4), pages 721-730.
    6. Dieter Ordelheide, 1993. "True and fair view," European Accounting Review, Taylor & Francis Journals, vol. 2(1), pages 81-90.
    7. Karel Van Hulle, 1997. "The true and fair view override in the European Accounting Directives," European Accounting Review, Taylor & Francis Journals, vol. 6(4), pages 711-720.
    8. Dieter Ordelheide, 1996. "True and fair view," European Accounting Review, Taylor & Francis Journals, vol. 5(3), pages 495-506.
    9. Kees Camfferman, 1998. "Perceptions of the Royal Mail case in the Netherlands," Accounting and Business Research, Taylor & Francis Journals, vol. 29(1), pages 43-55.
    10. Camfferman, Kees, 1998. "Perceptions of the Royal Mail Case in the Netherlands," Serie Research Memoranda 0036, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
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    1. Wang, Yue & Buijink, Willem & Eken, Rob, 2006. "The value relevance of dirty surplus accounting flows in The Netherlands," The International Journal of Accounting, Elsevier, vol. 41(4), pages 387-405, 012.

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