Presenting useful economic information in financial statements in the context of the true and fair view concept
Journal Title: Zeszyty Teoretyczne Rachunkowości - Year 2011, Vol 2011, Issue 60
Abstract
A wide range of financial information users expects economic information from financial statements to be reliable and complete and to present a true and fair view of an entity's financial position and performance.However, there is a prevailing opinion that today traditional financial reporting is losing its relevance. The paper addresses the question of the usefulness of finan-cial reporting in relation to the main principle of accounting. An attempt was made to interpret the true and fair view concept and to define the extent of its applicabil-ity in financial reporting. In conclusion the author emphasized the need to make use of measures which show the current value of assets, and suggested individual approach to some areas of accounting.
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Małgorzata Cieciura
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