At the very core of financial reporting lies the concept of the True and Fair View (TFV)

At the very core of financial reporting lies the concept of the True and Fair View (TFV). In many countries the requirement for financial statements to reflect the true and fair view of the entity has been codified in national legislation (such as Australia's Corporations Act), given prominence in financial accounting standards and the accompanying conceptual framework. Nevertheless, the TFV is not really given prominence in accounting practice or accounting education. It seems to be just one of those things that is accepted and is not worthy of further discussion. Consider, for example, for following quote given by an accountant to the authors of the paper: