- 2 Marks
AA – L2 – SA – Q1.1 – True and Fair View
Meaning of 'true and fair view' in financial statements.
Question
Although the phrase ‘true and fair view’ has no legal definition, which of the following most accurately describes its meaning with regard to the financial statements of a company?
A The financial statements have been properly prepared in accordance with the law
B The financial statements are free from material misstatements, and they are presented in an understandable and unbiased way
C All items in the financial statements are factually accurate
D The financial statements have been audited
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