The true and fair view concept: the palette of controversial points (of “worth banning” to “worth keeping”)

Yana Ustinova

Cite: Ustinova Y. The true and fair view concept: the palette of controversial points (of “worth banning” to “worth keeping”). Journal of Digital Art & Humanities, 2021, 2(1), pp. 39-47. https://doi.org/10.33847/2712-8148.2.1_4

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Abstract. Dynamic changes, crisis phenomena and accounting scandals necessitate a review of the financial statements concept. At the same time, putting the ‘true and fair view’ idea into practice has shown some problems. Researchers want to know if this idea is suitable for the current accounting problems and if we should keep developing it. This article aims to summarise the most common research trends that highlight the importance of this idea for accounting, and look at how these trends have developed. It involved a review of existing literature, identifying primary research domains for the true and fair view concept and examining how they have evolved, as well as the growth in scientific knowledge and contributing factors in the past few years. Author noted areas of emerging and maintaining scientific interest, and how the concept could be applied taking into account future research directions.

Keywords: accounting standards, financial statements, the true and fair view concept.

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Published online 26.06.2021