The importance of being fair: An analysis of IFRS regulation and practice – a Comment

Christopher Nobes

Accounting and Business Research, 2009, vol. 39, issue 4, 415-427

Abstract: This paper examines the ‘present fairly’ (PF) requirement in IFRS. There were eight relevant developments from 2005 to 2008, and these are mostly not yet considered in the academic literature. The paper synthesises the resulting regulatory position, especially for UK companies. Contrary to official guidance, it is suggested here that the PF requirement and the conditions for using it as an override in IFRS are not the same as for a true and fair view. Examples of the use of the PF override in practice are critically examined, as is a recent Opinion on PF by legal Counsel. Developments in US regulation make US opposition to a PF override clearer. The implications for financial reporting and for research into it are examined.

Date: 2009
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DOI: 10.1080/00014788.2009.9663375

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