In Europe, the audit reports use the expression true and fair view to characterize the results of

Question:

In Europe, the audit reports use the expression “true and fair view” to characterize the results of the audit. Do you think there is a meaningful difference between that language and the “present fairly” statement made in U.S. audit reports? As a user of the in each instance, does one expression more than the other give you a greater comfort level with respect to the conformity of the with generally accepted accounting principles? Why or why not?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...