ABSTRACT
Having made its debut in the Companies Act 1947, the principle of the ‘true and fair view’ has long been enshrined in company law.
Every balance sheet of a company shall give a true and fair view of the state of affairs of the company as at the end of its financial year, and every profit and loss account of a company shall give a true and fair view of the profit or loss of the company for the financial year.
(Companies Act 1948: section 149(1))