"Correspondence with the facts"- a recurrent theme in commentaries on the statutory quality standard of truth and fairness in accounts

Peter Wolnizer

Research output: Contribution to journalArticle

Abstract

A recent NCSC consultative paper has recommended that both the words "true" and "fair" be retained in the companies legislation to depict the statutory quality standard for corporate accounts. The paper argued that the statutory test of quality in accounts should be serviceability for financial action in markets, not merely compliance with professional accounting standards and conventions. To be serviceable for market action, accounts must correspond with the actual financial features of firms at the dates specified in them. This paper demonstrates that the necessity for accounts to have this character has been a recurrent theme in statutes, legal cases and the accounting literature in the U.S.A., U.K. and Australia.
Original languageEnglish
Pages (from-to)147-161
Number of pages15
JournalCompany and securities law journal
Volume3
Issue number3
Publication statusPublished - Aug 1985
Externally publishedYes

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