In the United States, the term "present fairly" in opinions of American auditing firms is the same as the "true and fair view" of international financial reporting.

Question

Quizplus · Accepted Answer

The term "present fairly" in the context of American auditing firms generally aligns with U.S. Generally Accepted Accounting Principles (GAAP), while "true and fair view" is a concept more closely associated with International Financial Reporting Standards (IFRS) and the accounting practices in many countries outside the United States. Although they aim to achieve similar objectives of transparency and accuracy in financial reporting, the terminology and specific requirements can differ between the two frameworks.

In the United States, the Term "Present Fairly" in Opinions