Over the past few months a debate has erupted in the press about the hitherto neglected subject of the impact of international accounting and auditing standards on the long-established British principle of "true and fair" accounting.
On one side are those who claim that the UK's adoption of International Financial Reporting Standards and International Standards on Auditing threatens to water down the true and fair override - a vital safeguard against the rigid application of standards resulting in possibly misleading financial reporting.
On the other side are those who claim that, while the words used in the international standards differ slightly, the intent remains the same. What both sides seem to agree on is that UK financial reports should continue to be produced on the basis of the true and fair principle, which has stood us in good stead for the past 50 years.
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