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The True and Fair View in the European Union


  • David Alexander
  • Eva Eberhartinger


This paper explores the issue of the true and fair view (TFV) and the overriding principle within the European Union (EU), via a legally based analysis of the relationship between EU and national laws. We apply the supremacy of European law to methods of incorporating the TFV into national legislation, using Austria as a detailed case study, showing that all countries - maybe against their original intention - either have an override (as does Austria, contrary to the prevailing local opinion) or have failed to honour their EU commitments. As part of our argument, we explain the importance of the Roman law teleological principle in legal application and interpretation, as is well known in Continental countries. We show that the effect of the UK TFV override is in principle exactly analogous, only arguably even more powerful, which is not at all well known in Anglo-Saxon countries. We suggest reasons why the status quo ante in particular countries may be adhered to, and generalise the implications of our arguments.

Suggested Citation

  • David Alexander & Eva Eberhartinger, 2009. "The True and Fair View in the European Union," European Accounting Review, Taylor & Francis Journals, vol. 18(3), pages 571-594.
  • Handle: RePEc:taf:euract:v:18:y:2009:i:3:p:571-594 DOI: 10.1080/09638180902784405

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    Cited by:

    1. Viorel TURCANU & Irina GOLOCIALOVA, 2016. "Accounting truth and its assurance in entities from the Republic of Moldova," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 14(139), pages 769-769.
    2. repec:spr:busres:v:10:y:2017:i:2:d:10.1007_s40685-017-0046-y is not listed on IDEAS
    3. Frederick Lindahl & Hannu Schadéwitz, 2013. "Are Legal Families Related to Financial Reporting Quality?," Abacus, Accounting Foundation, University of Sydney, vol. 49(2), pages 242-267, June.
    4. Marie Zelenková, 2010. "The True and Fair View in the European Union," Český finanční a účetní časopis, University of Economics, Prague, vol. 2010(3), pages 101-110.

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