October 2013 - Emile Woolf writes

Hiding the truth with complexity: trust your own reason

When I started writing for this magazine over 40 years ago the editor was a wise old owl called Geoffrey Holmes. During a conversation on some thorny accounting controversy Geoffrey would slyly suggest that I tackle it in my next article. It was no use suggesting a different subject – he would simply look at […]

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Standards can obscure the simplest concepts: try ‘true and fair’

UK Companies Acts since 1947 have stipulated that audited accounts of companies should give a ‘true and fair view’. After 66 years the meaning of that elusive formula continues to be hotly debated by accounting bodies, regulators, representatives of investors and pension funds, civil servants and politicians. Prior to that time the Acts used the […]

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