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Hi, just a quick query please. Is it possible for accounts to be a ‘fair’ record but not a ‘true’ one?
I’m thinking for example of a situation where a payable for $5000 is wrongly included in the accounts when it should be omitted, and meanwhile a separate payable for $5000 is wrongly omitted when it should be included.
Or do records have to be ‘true’ before they even get to be considered for the ‘fair’ test?
Thanks
I suppose an amount could be not sufficiently accurate (i.e. not true) but fairly presented – e.g. as PPE rather than expensed in profit or loss. This would tie in with the “true and fair” being equivalent to “fairly presents (i.e. fair) in all material respects (i.e.accurate)”.
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