TRUE AND FAIR REPORTING VITAL FOR BUSINESS

摘要

The FRC has published a statement reconfirming that the presentation of a true and fair view remains a 'fundamental requirement in financial reporting' under both IFRS and UK GAAP to stop companies publishing misleading accounts. The regulator said it had released the update on 'true and fair' following developments in UK GAAP and the now finalised European audit legislation, as well as the feedback from legal advice on the issue obtained by the FRC and the Department for Business, Innovation and Skills (BIS) in October 2013. The FRC's statement makes clear that the true and fair requirement is of fundamental importance in IFRS and UK GAAP, whether embodied in the new standards FRS 100 to 103, or the standards they replace.