Fund managers express financial reporting fears

One of the UK’s biggest investment groups has said that the ‘true and fair’
principle that underpins UK financial reporting is being threatened by new
European rules.

Morley Fund Management chief executive Keith Jones said that the new rules
undermine the principle of ‘true and fair’ by creating a more mechanised
approach to rules compliance.

Accountancy Age has followed investor concerns over the use of ‘true
and fair’ and its omission from the company law reform bill.

‘In practice, of all the quality reforms investors raised, the only (and
minor) one achieved was for the audit partner to sign the audit report. Sad but
true,’ one investor said.

Jones told the Financial Times that the importance of the true and
fair view ‘cannot be overestimated’.

Related reading

tax dictionary