The FRC instructed Martin Moore QC to review the definition in light of significant changes in accounting standards and company law
The 20-year-old definition of the 'true and fair' accounting concept has received a fresh endorsement, following instructions from the Financial Reporting Council.
The FRC instructed Martin Moore QC to review the definition – first written by Lord Hoffman and Dame Mary Arden in 1983 and 1984 and by Dame Mary Arden in 1993 – in the light of significant changes in accounting standards and company law since the last review of the concept.
Moore has endorsed the previous opinions and confirmed the centrality of the true and fair requirement to the preparation of financial statements in the UK, whether they are prepared in accordance with international or UK accounting standards.
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