True and fair - or only fairly true?
Article Abstract:
UK accountants find it hard to give a clear definition of 'a true and fair view,' a phrase that appears in all audit reports. This difficulty is attributed in part to the creation of accounting standards which have come to replace thought and even wisdom for many accountants. In the 1970s, when the Statement of Standard Accounting Practices had not yet been implemented, auditors could have easily explained that the phrase expressed the concepts of consistency and prudence. The process of audit reporting has become more complex since the 1970s because the accounting profession has evolved and auditors have become more competitive. Yet, the profession has been failing to let the public know of its role in business. An effective auditor could inform the public with ease that a true and fair view has to do with ensuring that accounts fairly represent all significant financial data and contain no misleading information.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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District societies face financial crises
Article Abstract:
The outcome of the campaign launched by the Institute of Chartered Accountants in England and Wales to win approval for increases in fees and subscriptions could be crucial to the solvency of some financially-strapped district societies. Of these societies, only three have the protective advantage of having limited company status. The other financially troubled societies such as Manchester and Southern, however, could well be forced into bankruptcy if the Institute's financial problems lead to a marked decrease in the grant money given to societies facing budgetary problems. Officials of the societies faced with the prospect of insolvency have mixed views about the possible outcome of the Institute's campaign. Some officials believe that members will approve the increases, but others say that the general hostility of members to the proposed increases limits the chances of approval.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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