Tag (SQ): True and Fair

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AAA – L3 – SA – Q2.10 – True and Fair

Implication of ‘true and fair’ in financial statements.

Which one of the following should be implied by the term ‘true and fair’ when applied to financial statements?

A   free from misstatements

 meaningful presentation and disclosure of information

 complying with ethical standards

 independent

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AA – L2 – SA – Q5.10 – True and Fair

Meaning of ‘true and fair’ in financial statements.

Which one of the following should be implied by the term ‘true and fair’ when applied to financial statements?

A   Independent

 Free from misstatements

 Meaningful presentation and disclosure of information

D   Complying with ethical standards

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