Financial accounts prepared by companies under the Financial Reporting Act must meet which general standard of reporting?

Question

Quizplus · Accepted Answer

Financial accounts prepared by companies under the Financial Reporting Act must meet the general standard of true and fair reporting. This means that the financial statements should present a true and fair view of the company's financial position, financial performance, and cash flows. Satisfactory or accurate reporting is not sufficient, as these standards may allow for some level of misrepresentation or error. Beyond a reasonable doubt is a legal standard used in criminal cases and does not apply to financial reporting.

Financial Accounts Prepared by Companies Under the Financial Reporting Act