true and fair view
True and Fair View
In British accounting standards, the requirement for companies not to obfuscate their financial statements so as to mislead shareholders or the wider market.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
true and fair viewthe opinion formed by an AUDITOR about a JOINT-STOCK COMPANY'S accounts, based upon evidence obtained from auditing the company's LEDGER accounts. The auditor is required to report to a company's shareholders about the accuracy and presentation of a firm's annual report and accounts. After undertaking the appropriate tests, usually on a sample basis, the auditor must be convinced that no material errors or omissions have occurred either in the firm's system of recording accounting transactions or in their summary and presentation. If the auditor is satisfied that no material irregularities have occurred, he or she will conclude that the financial statements present a ‘true and fair view’ for the period (year) under review. If irregularities are noted, the accounts may be prefaced with the qualification that ‘subject to the following … the financial statements audited … present a true and fair view’. See also FINANCIAL ACCOUNTING.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson