Strengthening Financial Reporting Framework

Question: Discuss about the Strengthening Financial Reporting Framework. Answer: Introduction: The title of the topic is True and Fair View An analysis with Regulatory framework. This is mainly focused on how the true and fair view concept has been developed over the years and has been earlier known by the different names. The concept of true and fair view is applicable not only on the financial statements of the company but also on the other business dealing entered by the individuals or the company. The paper has started with the introduction. Then the literature review has been given regarding the history and purpose of the true and fair view concept and the support that the concept have gained over the years. Thereafter, the conclusion has been given along with the executive summary of the literature review. The data has been obtained from the relevant sources. The concept of true and fair view has been the very important concept for not only the companies but also the individuals, auditors and the directors of the company including the persons those charged with Governance. Through this the organizations have come to know about the relevance of the financial statements and that too with the true and fair view and come to know about the urgency of the applicability of accounting standards and its proper compliance. Through this literature review it has been established that the concept has gained the overriding effect over the accounting standards and it has nothing to do with the non compliance of the accounting standard. The study has detailed that though application of accounting standards is necessary but to maintain the relevancy and reliability of the financial statements, the true and fair view must be established. Thus, the review has provided the importance of true and fair concept in the business world. References Australian Government Official Website, (2017), Strengthening the Financial Reporting Framework available at https://archive.treasury.gov.au/documents/403/HTML/docshell.asp?URL=Ch6.asp accessed on 21/04/2017. Chambers R and Wolnizer P, (2011), A True and Fair View of position and results: the historical background available at https://sydney.edu.au/arms/archives/chambers/chambers_onlineitems/10-USA-P202-2-09640.PDF accessed on 21/04/2017. Deegan C, (2010), An Overview of the Australian External reporting Environment, available at https://www.slideshare.net/joshuatuisawau/deegan5e-ch01 accessed on 21/04/2017. FRC, (2014), True and Fair Statement available at https://www.accaglobal.com/in/en/technical -activities/technical-resources-search/2014/june/frc-true-fair.html accessed on 21/04/2017. Karan R, (2012), Irreconcilable Legal and Accounting Views of a True and Fair View: An emerging alternative from Australian, available qt https://www.austlii.edu.au/au/journals/JlLawFinMgmt/2002/5.html accessed on 21/04/2017. Vladu A and Matis D, (2012), True and Fair View and Creative Accounting Conceptual Delimitations Based on Papineaus Tree Methodology, available at https://www.oeconomica.uab.ro/upload/lucrari/1420121/09.pdf accessed on 21/04/2017.