The evolution of the importance of the true and fair view (TFV) principle. The case of Poland

Abstract

The aim of this paper is to analyse matters of truth, which is inherent issue of accounting (and therefore in reporting, as its part), which is reflected in the true and fair principle (TFV). The paper demonstrates the essence of the TFV principle and the evolution of its role and place among the set of qualitative characteristics of financial statements. After examining the changes in the development of the perception of TFV the paper makes an appraisal, gives the author's comments and contribution by providing direct implications for regulators and the setters of standards. With respect to typical limitations regarding behavioural studies, the paper provides practical as well as social implications about understanding of the TFV concept and its effect on both the preparers and users of financial statement.Keywords: true and fair view concept (TFV), truth in accounting, truth in reporting, quality characteristics of financial statements.

Assesment of the Quality of Reporting Information on CO2 Emission Rights on the Example of Energy Sector Groups Listed on the Warsaw Stock Exchange

“…A financial statement must present data of adequate quality, compliant with the principles and guidelines contained in the accounting law and consistent with the accounting theory in order to properly perform its functions (information, control and analytical functions). The basis of the accounting concept underlying the quality of financial information is the true and fair view concept [3,4,5]. For many years, business practice has shown that certain company assets are of particular importance to its economic and sustainability image.…”