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Keywords:

  • acceptance;
  • accuracy;
  • comparability;
  • expectations;
  • judgement

The main purpose of company accounts is stewardship, so accounting standards based on ‘decision-usefulness for investors’ are misconceived. And making the standards compulsory ‘Instructions’ rather than voluntary ‘Suggestions’ causes many additional problems. All we really need is the Companies Act requirement for accounts to show ‘a true and fair view’.