TRUE AND FAIR VIEW

1

100

What is the name of Australia's corporate watchdog?

The Australian Securities and Investments Commission (ASIC)

200

Where in the annual report do directors state that the financial statements are true and fair?

Directors' Declaration

300

If there is a conflict between compliance with accounting standards and giving a 'true and fair' view, what must be done by the reporting entity?

The 'true and fair' view must be reflected through further information in the notes to the financial statements.

2

100

What is the principal legislation that regulates companies in Australia?

The Corporations Act

200

In Leibler's words, it is imperative that we "fix the culture of ________" in accounting and auditing.

Complacency

300

Which requirement of financial reporting does Leibler accuse companies of focusing more on than the 'true and fair' view requirement?

Compliance with accounting standards