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I think the concept of a "true view" is quite clearly a misnomer. You and I can stand shoulder to shoulder and see the same thing happen, and come to vastly different interpretations of what we have seen. Which interpretation is the "true" one, if neither of us is lying? Both are true, of course- your experience to you and mine to me. If both are true, and yet different, then truth is a dodgy proposition at best.
To step the other way is to accept the precept that truth, or at the very least a truthful view, is purely subjective. And if that is so, the concept of a "true view" is useless in the face of the law, which must deal with matters in a fundamentally objective way.
Either way the phrase fails as a proposition at the first hurdle.
A "fair view" is an intersting phrase, but one you would hope not to see in any rule system. Fairness is not caught up in the net of the law, rather the net of the law resides with the ocean of fairness, and takes sustenance from that. If you want a legal definition of fairness, you are hence barking up the wrong socia legal linguistic tree. Fairness is metatypical. Rules and laws are not.
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Uncle S
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∙ 14y ago
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What is true and fair view for auditor?
The concept of the 'true and fair view' remained a cornerstone of financial reporting and auditing in the UK; that there had been 'no substantive change in the objectives of an audit and the nature of auditors' responsibilities'; and that the need for professional judgement 'remained central to the work of preparers of accounts and auditors in the UK'.
Why auditors need to be independent?
TO ENSURE THE FINANCIAL STATEMENTS GIVE A TRUE AND FAIR VIEW
What is the purpose of preparing balance sheet?
main objective is to know true and fair view of state of afire of company
Explain the importance of accounting concepts?
Accounting concepts and conventionsIn drawing up accounting statements, whether they are external "financial accounts" or internally-focused "management accounts", a clear objective has to be that the accounts fairly reflect the true "substance" of the business and the results of its operation.The theory of accounting has, therefore, developed the concept of a "true and fair view". The true and fair view is applied in ensuring and assessing whether accounts do indeed portray accurately the business' activities.To support the application of the "true and fair view", accounting has adopted certain concepts and conventions which help to ensure that accounting information is presented accurately and consistently.Accounting ConventionsThe most commonly encountered convention is the "historical cost convention". This requires transactions to be recorded at the price ruling at the time, and for assets to be valued at their original cost.Under the "historical cost convention", therefore, no account is taken of changing prices in the economy.
Where does auditing fit in the structure of a company?
after the year en, statutory audit carried out to provide shareholders with reasonable assurance regarding the entity's performance (e.g. true and fair view)
What is true and fair view for auditor?
The concept of the 'true and fair view' remained a cornerstone of financial reporting and auditing in the UK; that there had been 'no substantive change in the objectives of an audit and the nature of auditors' responsibilities'; and that the need for professional judgement 'remained central to the work of preparers of accounts and auditors in the UK'.
Why auditors need to be independent?
TO ENSURE THE FINANCIAL STATEMENTS GIVE A TRUE AND FAIR VIEW
What is the purpose of preparing balance sheet?
main objective is to know true and fair view of state of afire of company
Explain the importance of accounting concepts?
Accounting concepts and conventionsIn drawing up accounting statements, whether they are external "financial accounts" or internally-focused "management accounts", a clear objective has to be that the accounts fairly reflect the true "substance" of the business and the results of its operation.The theory of accounting has, therefore, developed the concept of a "true and fair view". The true and fair view is applied in ensuring and assessing whether accounts do indeed portray accurately the business' activities.To support the application of the "true and fair view", accounting has adopted certain concepts and conventions which help to ensure that accounting information is presented accurately and consistently.Accounting ConventionsThe most commonly encountered convention is the "historical cost convention". This requires transactions to be recorded at the price ruling at the time, and for assets to be valued at their original cost.Under the "historical cost convention", therefore, no account is taken of changing prices in the economy.
What are the objectives of internal reconstruction?
1)To write-off accumulated losses.2) To show true and fair view of financial position of the comapny.
Does belvedere mean fair view or fine view?
Belvedere means a fine view.
Where can one view videos of the Saab Concept?
Videos of the Saab PhoeniX Concept can be viewed from video uploading websites such as Youtube. Another example you can view Saab Concept videos on is Dailymotion.
Is the view on John Cabot Fair?
YES
Where can one view the latest Cadillac Concept cars?
You can view the latest Cadillac concept cars at the official Cadillac website. You can also use websites such as Edmunds to be alerted when the newest concept cars are going to be announced.
What is a persons self concept?
A person's self concept is their opinion of themselves, and how they view themselves as individuals.
Where does auditing fit in the structure of a company?
after the year en, statutory audit carried out to provide shareholders with reasonable assurance regarding the entity's performance (e.g. true and fair view)
What is an unqualified report?
unqualified report is that Audit report in which Audit opinion specify that according to according to rules and regulation the firms financial statement portray true and fair view.
