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A Study of the Term 'True and Fair View' in the Context of Accountability

Historically, as companies grows in size, become more complex and involved in society, so to whom and for what their managers are accountable has also been extended. Until the 19th century, managers of companies and part of public bodies were required to produce accountability reports and submit the...

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Main Author: Raziah, Mat Zin
Format: Thesis
Language:English
English
Published: 1995
Subjects:
HD28-70 Management. Industrial Management
Online Access:http://etd.uum.edu.my/2020/
https://repository.essex.ac.uk
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spelling my.uum.etd.20202021-05-19T06:55:20Z http://etd.uum.edu.my/2020/ A Study of the Term 'True and Fair View' in the Context of Accountability Raziah, Mat Zin HD28-70 Management. Industrial Management Historically, as companies grows in size, become more complex and involved in society, so to whom and for what their managers are accountable has also been extended. Until the 19th century, managers of companies and part of public bodies were required to produce accountability reports and submit them for audit. This is because the function of financial report has shifted from stewardship function to performance evaluation and decision usefulness function. Therefore, the auditor’s opinion is very important now since the accountability report audited is being used in making investment decision. A discussion over the need for an interpretation of the term used by auditors in expressing their opinion appears in the accounting literature. But, this does not change the inherent and long-standing vagueness and ambiguity of the undefined term, ‘true and fair’ view which has been used since it was introduced in the 1948 U.K. Companies Act. The term has a legal origin in the 18th Century, and it appears to have been translated into a legal definition concerning corporate accountability in the 20th Century. This change does not only apply in the private sector, but also in some parts of public sector bodies. From this historical study, it is apparent that the changes in the requirement of the disclosure and debate in searching the true definition of ‘true and fair’ was developed together with the accountability process in both sectors. The practitioners were also argued to give certain mystique in the opinion of TFV as a means of demonstrating their professionalism. 1995 Thesis NonPeerReviewed text en /2020/1/Rosliza_Mat_Zin.pdf text en /2020/2/Rohaya_Ibrahim.pdf Raziah, Mat Zin (1995) A Study of the Term 'True and Fair View' in the Context of Accountability. Masters thesis, University of Essex. https://repository.essex.ac.uk
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Electronic Theses
url_provider http://etd.uum.edu.my/
language English
English
topic HD28-70 Management. Industrial Management
spellingShingle HD28-70 Management. Industrial Management
Raziah, Mat Zin
A Study of the Term 'True and Fair View' in the Context of Accountability
description Historically, as companies grows in size, become more complex and involved in society, so to whom and for what their managers are accountable has also been extended. Until the 19th century, managers of companies and part of public bodies were required to produce accountability reports and submit them for audit. This is because the function of financial report has shifted from stewardship function to performance evaluation and decision usefulness function. Therefore, the auditor’s opinion is very important now since the accountability report audited is being used in making investment decision. A discussion over the need for an interpretation of the term used by auditors in expressing their opinion appears in the accounting literature. But, this does not change the inherent and long-standing vagueness and ambiguity of the undefined term, ‘true and fair’ view which has been used since it was introduced in the 1948 U.K. Companies Act. The term has a legal origin in the 18th Century, and it appears to have been translated into a legal definition concerning corporate accountability in the 20th Century. This change does not only apply in the private sector, but also in some parts of public sector bodies. From this historical study, it is apparent that the changes in the requirement of the disclosure and debate in searching the true definition of ‘true and fair’ was developed together with the accountability process in both sectors. The practitioners were also argued to give certain mystique in the opinion of TFV as a means of demonstrating their professionalism.
format Thesis
author Raziah, Mat Zin
author_facet Raziah, Mat Zin
author_sort Raziah, Mat Zin
title A Study of the Term 'True and Fair View' in the Context of Accountability
title_short A Study of the Term 'True and Fair View' in the Context of Accountability
title_full A Study of the Term 'True and Fair View' in the Context of Accountability
title_fullStr A Study of the Term 'True and Fair View' in the Context of Accountability
title_full_unstemmed A Study of the Term 'True and Fair View' in the Context of Accountability
title_sort study of the term 'true and fair view' in the context of accountability
publishDate 1995
url http://etd.uum.edu.my/2020/
https://repository.essex.ac.uk
_version_ 1701165208605556736
score 13.211869

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