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| An Analysis of the Concept of True and Fair View In Accounting: Global Perspective |
Samuel Oladele Obisesan, Mukaila Oyesegun Oyekanmi, Felicia Oluremilekun Oladeji, Yetunde Adeola Makinde-Ojo
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Abstract:
This study examined "an analysis of true and fair view concept in accounting: global perspectives" It explores the position of the concept of true and fair view in accounting in UK, Greece, Islamic perspective and impact of the concept during the financial crisis. The data sources consist of the use of established literatures in the areas under review from various sources. The paper found that the concept of true and fair view is a vital concept and statement describing the financial statement 's position as enshrined in various regulations and standards regulating accounting practices in the world by those countries considered for this study, and that it is not contrary to Islamic shari'ah. While its expression during economic downturn was not encouraging as a result of the sharp practices engaged by various organizations and which contributed to the presentation of window-dressed financial statements. Therefore, the paper recommended that the existing regulations should be improved and that the regulatory agencies and standard setters should thoroughly review the lacuna noted to meet the current realities. Also, the auditors must always be cautious when expressing an opinion of true and fair view and should validate the definition of true and fair view where there is a divergence from the regulations and norm.
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