Fair, but for whom?

Fair, but for whom?

Fair – surely no word is used more in a quoted company’s accounts. Perhaps that’s understandable since a company’s directors can only approve their company’s financial statements if they are satisfied that the figures give a “true and fair” view. Thus – taking a FTSE 100 company at random – the directors of Associated British Foods (ABF) spell it out on page 110 of the company’s latest annual report: “We confirm that to the best of our knowledge the financial statements... give a true and fair view of the assets, liabilities, financial position and profit or loss of the company” and so on.

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