What option(s)does a company have when directors are of the view that compliance with accounting standards does not generate a true and fair view financial statements?
A) Directors may elect not to comply with the standard.
B) Directors may exercise the "true and fair view override".
C) Directors may provide additional information to this effect in the notes to the accounts.
D) All of the given answers.
E) Directors may elect not to comply with the standard and Directors may provide additional information to this effect in the notes to the accounts.

Question

Quizplus · Accepted Answer

The best option in this scenario is for the directors to provide additional information in the notes to the accounts that explains why they believe compliance with accounting standards does not generate a true and fair view. This provides transparency and allows stakeholders to make informed decisions. Choosing option A or B would be non-compliant and risky, while option E is unnecessary as providing additional information in the notes already covers the issue.

What Option(s)does a Company Have When Directors Are of the View