The Fair Presentation Requirements of International Accounting Standard 1 will Undermine the UK’s View of True and Fair

The fairness requirement of IAS No. 1 impairs the true and fair view of Britain and trade and communication has increased over the past 20 to 30 years. With the emergence of new technology, people can do business globally more easily. The problem is that accounting standards vary from country to country, so there is a question of how to explain the standards. Therefore, discussions on whether to use fair presentations or to use truthful and fair views in the past few years are becoming a major concern.

In the UK, a truthful and fair view is more important than following a detailed rule. "The use of this expression in the UK has to be seen in the context of the statutory requirement" truthful and fair view "of the financial statements widely recognized in UK accounting practices as having a wider scope than the expression in the U." (Roberts, Weetman, Gordon, 2008) In the UK, the true and fair view is higher than a certain set of rules. It requires the manager of the company and its auditor to make decisions and bear more risks when commenting on financial problems. It is a company. (Benston, 2002) Therefore, there is a possibility that companies and their auditors will prevent them from committing fraud.

Whenever we refer to the "fair statement" of a financial statement, we refer to the concept of accounting of "realistic and fair" view. The term "true and fair" in the context of accounting has the same meaning as truth and fairness in a general context. Thus, "reality" in the context of accounting is not meant to be factual or not false, and "fair" in the context of accounting does not imply justice or corruption. The most widely accepted accounting truthful and fair interpretation is that accounting is true and fair, if it is created and presented in accordance with generally accepted accounting principles. Therefore, the court judged that accounting based on historical cost presented a truthful and fair view. Mr. Riley pointed out that various corporate legislation requires a truthful and fair view, not a truthful and fair view.