UK Companies Acts since 1947 have stipulated that audited accounts of companies should give a 'true and fair view'.

After 66 years the meaning of that elusive formula continues to be hotly debated by accounting bodies, regulators, investors and pension funds, civil servants and politicians.

Prior to that time the Acts used the expression 'true and correct', but it was recognised that published accounts might, factually and arithmetically, be beyond reproach yet could nevertheless convey a misleading picture of results and financial position.