In connection with an audit report (auditor’s opinion) on an entity’s financial statements and accounts, true and fair view is a description of such statements/ accounts as having been truly prepared and fairly presented in accordance with applicable accounting standards and framework.

True and fair view also implies that the financial statements are free from material misstatements and faithfully represent the financial position and performance of an entity, subject-matter of an audit process.

True and fair view is one of cornerstone objectives of financial reporting under international accounting standards and specific legislation. This concept has its origin in UK law. However, it was at the center of international accounting for years, before departure, by the end of twentieth century to another key concept known as fair presentation, despite the fact that both are considered to identical.