The Accounting Standards Board and the Auditing Practices Board of the Financial Reporting Council published a paper, ‘True and Fair’, on 21 July 2011 confirming that the’ true and fair’ requirement set out in section 393 of the Companies Act 20063 remains of fundamental importance in both UK GAAP and IFRS. The paper is addressed to auditors and to those responsible for preparing accounts and stresses the continuing primacy of the true and fair requirement and its relevance to both those groups, as well as to those responsible for governance.

FRC paper: True and Fair: July 2011 available at: http://www.frc.org.uk/images/uploaded/documents/Paper%20True%20and%20Fair.pdf