True and fair over ride

True and fair over ride

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I know you can over ride the Companies Act rules to make sure the accounts are “true and fair”.

But can you over ride FRSs (in this case FRS 12)?

Eg if FRS 12 doesn’t require / allow a provision to be made for something can you over ride FRS 12 in the interests of showing a true and fair view and provide anyway?

I am, of course, not talking about something unreasonable here, its an issue which is screaming out for a provision in the accounts, but which, on a technicality, FRS 12 doesn’t allow us to do.

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By User deleted
02nd Nov 2006 11:07

Hi Paul
You could override it, but you would need to dislose this in the notes. Likewise on a tax return. You may have to do some prersuading to get HMRC to accept your departure from GAAP.

Nichola Ross Martin
Editor, AccountingWEB

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