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A European true and fair view?

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  • David Alexander

Abstract

After a brief historical introduction, the paper examines the true and fair view (TFV) requirement in the Fourth Directive, and in the corresponding company legislation in UK, France and Germany. Differences and nuances are explored from a language and translation viewpoint and also related to pre-Fourth Direc tive requirements and culture. The extent of true harmonization is questionable. Recent experience and usage of TFV in the UK is critically described and related to the broader European context. The general drift of the argument is that countries are tending to interpret TFV in the context of national culture, national accounting tradition and national GAAP. From a properly European perspective there is a need for changes in attitude from all concerned. TFV and GAAP are living and dynamic concepts. They are affected by the cultures within which they are used. Homogeneous attitudes to such concepts imply homogeneous cultural contexts, and this raises questions of a most fundamental nature.

Suggested Citation

  • David Alexander, 1993. "A European true and fair view?," European Accounting Review, Taylor & Francis Journals, vol. 2(1), pages 17-46.
    • Handle: RePEc:taf:euract:v:2:y:1993:i:1:p:17-46
    DOI: 10.1080/09638189300000002
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    Cited by:

    1. Peter Feige, 1997. "How 'uniform' is financial reporting in Germany? - The example of foreign currency translation," European Accounting Review, Taylor & Francis Journals, vol. 6(1), pages 109-122, May.
    2. Laaksonen, Jenni, 2022. "Translation, hegemony and accounting: A critical research framework with an illustration from the IFRS context," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 89(C).
    3. Axel Haller, 2002. "Financial accounting developments in the European Union: past events and future prospects," European Accounting Review, Taylor & Francis Journals, vol. 11(1), pages 153-190.
    4. Barbara Weißenberger & Gero Holthoff, 2013. "Cognitive style and connotative meaning in management accounting communication," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 24(1), pages 1-25, May.
    5. Craner, John & Krzywda, Danuta & Novotny, Jiri & Schroeder, Marek, 2000. "The Determination of a Group for Accounting Purposes in the UK, Poland, and the Czech Republic in a Supranational Context," The International Journal of Accounting, Elsevier, vol. 35(3), pages 355-397, September.
    6. Katarzyna Kosmala MacLullich, 2001. "Truth and Fairness in Accounting: A Case of Polish Transition Economy," CERT Discussion Papers 0102, Centre for Economic Reform and Transformation, Heriot Watt University.
    7. Dunk, Alan S. & Kilgore, Alan, 2000. "The Reintroduction of the True and Fair Override and Harmonization with IASC Standards in Australia: Lessons from the EU and Implications for Financial Reporting and International Trade," The International Journal of Accounting, Elsevier, vol. 35(2), pages 213-226, July.
    8. Lisa Evans, 2003. "The true and fair view and the ‘fair presentation’ override of IAS 1," Accounting and Business Research, Taylor & Francis Journals, vol. 33(4), pages 311-325.
    9. David Alexander, 1999. "A benchmark for the adequacy of published financial statements," Accounting and Business Research, Taylor & Francis Journals, vol. 29(3), pages 239-253.
    10. Alina Beattrice Vladu & Dumitru MatiÅŸ & Oriol Amat Salas, 2012. "True And Fair View And Creative Accounting Conceptual Delimitations Based On Papineau`S Tree Methodology," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(14), pages 1-9.
    11. Jannis Bischof & Holger Daske, 2016. "Interpreting the European Union’s IFRS Endorsement Criteria: The Case of IFRS 9," Accounting in Europe, Taylor & Francis Journals, vol. 13(2), pages 129-168, May.
    12. Vladu Alina Beattrice & Matis Dumitru, 2012. "Importance And Vulnerability Of True And Fair View In The Romanian Accounting Environment -Case Study," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 972-977, July.
    13. Lisa Evans & Rachel Baskerville & Katariina Nara, 2015. "Colliding Worlds: Issues Relating to Language Translation in Accounting and Some Lessons from Other Disciplines," Abacus, Accounting Foundation, University of Sydney, vol. 51(1), pages 1-36, March.
    14. Anne Marie Garvey & Laura Parte & Bridget McNally & José Antonio Gonzalo-Angulo, 2021. "True and Fair Override: Accounting Expert Opinions, Explanations from Behavioural Theories, and Discussions for Sustainability Accounting," Sustainability, MDPI, vol. 13(4), pages 1-23, February.
    15. Stephen Zeff & Willem Buijink & Kees Camfferman, 1999. "'True and fair' in the Netherlands: inzicht or getrouw beeld ?," European Accounting Review, Taylor & Francis Journals, vol. 8(3), pages 523-548.
    16. Marie Zelenková, 2010. "The True and Fair View in the European Union [Věrný a poctivý obraz v Evropské unii]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2010(3), pages 101-110.
    17. Baker, C. Richard & Wallage, Philip, 2000. "The Future of Financial Reporting in Europe: Its Role in Corporate Governance," The International Journal of Accounting, Elsevier, vol. 35(2), pages 173-187, July.
    18. Oriol Amat & John Blake & Ester Oliveras, 1999. "Spanish auditors and the 'true and fair view'," Economics Working Papers 409, Department of Economics and Business, Universitat Pompeu Fabra.

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