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'Fair and View Override'

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA BT – FIA FBT › 'Fair and View Override'

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Ken Garrett.
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  • November 1, 2015 at 9:37 am #279876
    samiyam29
    Member
    • Topics: 14
    • Replies: 4
    • ☆

    What is Fair and View Override?
    Is it the Profit or loss account or SOFPat the end of the accounting period? Or
    A fair and clean View Of the company’s Affair at the end of the period?

    November 1, 2015 at 9:47 am #279881
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10194
    • ☆☆☆☆☆

    The FS as a whole should show a true and fair view: SOFP, Statement of Profit or Loss, Cash Flow Statement, Notes and movement in equity.

    I think you mean ‘true and fair override’ not ‘fair and view override’.

    NOrmally, FS have to comply with accounting standards as these imply T&F. However, sometimes it might be possible to argue that a departure from the accounting standards is necessary for a T&F view. Ie the standards are overridden.

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