+- Accountancy Forum (https://www.accountancy.com.pk/forum)
+-- Forum: The Profession (https://www.accountancy.com.pk/forum/forum-the-profession)
+--- Forum: Students (https://www.accountancy.com.pk/forum/forum-students)
+--- Thread: True & Fair (/thread-true-fair)
True & Fair - noman - 08-25-2006
what is the meaning of true & fair view..in context of
'financial statements present a true & fair view ...."
i mean if a question comes in exam
what do u understand by the term true & fair?
briefly discus he term true & fair?
- Abdur.Rehman - 08-26-2006
when management makes financial statements, it makes some assertions which are completeness, existence, accuracy, valuation, obligations and rights and presentation and disclosure regarding the elements of financial statements.
The auditors have to give an opinion on the financial statements and verify the assertions made by the management. If in the auditor's opinion all the assertions of management are fulfilled, the auditor says that the financial statements give a true and fair view. Materiality is given due consideration in true and fair view. True and fair view means that the Financial statements are not materially misstated or are free of material errors.
- noman - 08-28-2006
is true & fair...the two words to be considered together always??
i heard an explanation like this
true means amounts are true..that is correct as per books and actual transactions
fair means that they have been classified/allocated correctly...
what abt this?