“From the accountants' point of view, what does 'true and fair' mean? In your opinion, are the true and right requirements useful or necessary?” Accounting is the procedure of measuring and communicating financial information (Needles and Powers 2013) that allows companies to report the economic performance of their business. It is precisely these relationships that bring the concept of "true and right" into play. True and fair is a central concept related to the use of Financial Reporting Standards and the conceptual framework to keep financial reporting standardized and reliable for users, namely shareholders and investors (Waqas 2013). Fair value accounting, seen by a large percentage of specialists and academics, has been considered a "revolutionary approach" to support shareholders throughout the decision-making process as it represents the current market value of an economic asset or liability (Kaya 2013). While some have applauded the power of true and fair value, challengers have highlighted the substantial lack of coherence, thus assessing historical cost as a comprehensive framework built on a solid foundation. “True” refers to the reliability and consistency of the information contained in financial statements. . Veracity indicates that all figures and numbers cited are accurate or close to accurate based on the financial journalist's understanding of the situation (Miller & Bahnson 2007). Numbers are generally rounded to make reporting financial positions simple, but these numbers must be largely accurate. They do not only include cash transactions but also the value of assets (REFERENCE). According to International Financial Reporting Standard (IFRS) 13 "fair value" is def...... middle of paper ......hnson PR, 2007,'Refining Fair Value Measurement' Journal of Accountancy vol 204 Edition 5 p.30-6 (accessed 22-03-14) McCollum T, 2009,'IASB changes fair value requirements' International Reviewer April 2009 Vol.66 Number 2, p14 (accessed 22-03-14) Needles BE, Powers M 2013, "Principles of Financial Accounting" Financial Accounting Series 12th Edition, Cengage Learning (accessed 03-19-14) Penman SH, 2007, "Quality of Financial Reporting": Is Fair Value a Benefit or a disadvantage?' Accounting & Business Research (Wolters Kluwer UK) Special Issue p.33-43Skoda M, 2012, "How Valuers Develop Fair Value" Annals of Petrosani University Economics 2012 vol.12 number 2, p.273-284Waqas A, 2013, "Analysis of factors present in financial reporting standards that lead to manipulation of the true and fair view of an entity's financial statements" Social Science Electronic Publishing 2014, KPMG p.1