Sample Essay

This requirement has also featured in company law in Australia since the 1850s (Tomasic 2002). There has been considerable debate regarding the meaning of this expression however. One view is that it is a technical phrase that needs to be interpreted with regards to the standards and practice. There has been debate whether this implies going away from the standards and practice if “true and fair” representation can be better achieved through alternate forms.

However, this has been made clearer by corporate law in Australia, specifically in section 297 of the Corporate Act which states that the need for true and fair representation does not deviate from the condition in section 296 to follow the accounting standards, giving the latter clear precedence (Tomasic 2002). It is believed that this is granted on the part of the legislator in lieu of the ever present concern over the various methods of creative accounting that may be applied by the accountants if they are allowed additional leverage in terms of interpretation. It could further lead to compromising some of the basic tenets contained in the conceptual framework which ensure the decision usefulness of the financial statements.

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