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The true and fair view and the drafting of the Fourth Directive

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  • Peter Walton

Abstract

The article reviews the drafting of the Fourth Directive with a view to analysing the mechanisms whereby the overriding requirement that accounts should provide a true and fair view of the state of affairs of a company was introduced into the second draft of the directive. It examines the published comments from the expert group which wrote the initial discussion document and from the European Parliament and the Economic and Social Committee. It concludes that, since the initial concept was that the Directive should combine elements from existing member state statutes rather than create an independent approach, it should be expected that UK and Irish law would have an influence once these countries became members. There is, however, evidence that some accountants in the UK placed emphasis on the true and fair override as a means of escaping what they saw as the strictures of the Fourth Directive.

Suggested Citation

  • Peter Walton, 1997. "The true and fair view and the drafting of the Fourth Directive," European Accounting Review, Taylor & Francis Journals, vol. 6(4), pages 721-730.
    • Handle: RePEc:taf:euract:v:6:y:1997:i:4:p:721-730
    DOI: 10.1080/09638189700000013
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    References listed on IDEAS

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    1. Dieter Ordelheide, 1993. "True and fair view," European Accounting Review, Taylor & Francis Journals, vol. 2(1), pages 81-90.
    2. Stefano Zambon & Chiara Saccon, 1993. "Accounting change in Italy," European Accounting Review, Taylor & Francis Journals, vol. 2(2), pages 245-284.
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    Cited by:

    1. 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.
    2. Mark McGovern & Nurcan Temel, 2005. "Articulating Principals, Agents and Institutions in the EU," ERSA conference papers ersa05p417, European Regional Science Association.
    3. Henselmann, Klaus & Meier, Elena, 2021. "The History of Accounting in Germany - Transposition of Accounting Directives," EconStor Preprints 248386, ZBW - Leibniz Information Centre for Economics.
    4. 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.
    5. Julia, 2011. "About some difficulties with interpreting and measuring corporate performance," Bank i Kredyt, Narodowy Bank Polski, vol. 42(5), pages 41-60.
    6. 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.
    7. Carien Van Mourik & Peter Walton, 2018. "The European IFRS Endorsement Process – in Search of a Single Voice," Accounting in Europe, Taylor & Francis Journals, vol. 15(1), pages 1-32, January.

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