In the Continental Vending case (US v. Simon), the courts held that the "critical test" was fair presentation, not compliance with GAAP.

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In the Continental Vending case (US v. Simon), the court indeed emphasized that the critical test for the financial statements was whether they fairly presented the financial position of the company, rather than strict compliance with Generally Accepted Accounting Principles (GAAP).

In the Continental Vending Case (US V