Attempts at definition of the 'true and fair' view

There following quotations represent authoritative views on the meaning of true and fair view.

A true and fair view implies that all statutory and other information is not only available but is presented in a form in which it can be readily and be properly appreciated. Sir Russell Kettle.

A true and fair view implies appropriate grouping and classification of items. Consistent application of commonly accepted principles. The Institute of Chartered Accountants in Australia - Recommended on Accounting Principles 1964.

Such the meaning attached to the term fair and true has been built up over the years by standards of presentation specifically required by the Act; established accounting techniques; case law decisions; the natural desire of responsible directors of companies and auditors to ensure that the facts and figures which are presented in the public properly reflect the position; and last but not least general sense.  Sir Henry Benson 1962.

For an auditor to be able to say that a financial statement is true and fair it must be:

1. Objective, being free from any bias ... and being based on unprejudiced and verifiable evidence which us capable of supporting it.
2. Relevant to the business transactions etc it purports to describe

fair and true has become a term of art.  It is usually understood to mean a presentation of accounts drawn up according to accepted accounting principles  using accurate figures as far as possible and reasonable estimates otherwise, and arranging them so as to be show within the limits of current accounting practice as objective a picture as possible free from willful bias, distortion, manipulation or concealment of material facts.