The True and Fair View Doctrine: A Search for Explication

This paper examines the true and fair view doctrine as currently employed by British accountants. It argues that the doctrine lacks a satisfactory explication; that the use of ‘professional judgement’ cannot provide an acceptable substitute for explication; that the unexplicated doctrine does not serve the interests of the public or the profession; and that the profession should consider using compliance with generally accepted accounting principles as its test for the quality of financial reporting, either instead of or as an explication for the true and fair view doctrine.