search query: @author McEnroe, J. E. / total: 7
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| Author: | McEnroe, J. E. Martens, S. C. |
| Title: | Individual investors' perceptions regarding the meaning of US and UK audit report terminology: 'Present fairly in conformity with GAAP' and 'give a true and fair view' |
| Journal: | Journal of Business Finance and Accounting
1998 : APR/MAY, VOL. 25:3-4, p. 289-307 |
| Index terms: | AUDITORS REPORTING FINANCIAL STATEMENTS ACCOUNTING STANDARDS UNITED KINGDOM USA |
| Language: | eng |
| Abstract: | The standard unqualified audit report in the U.S. states that "the financial statements ... present fairly ... in conformity with generally accepted accounting principles," while as to the UK, it is stated that "the accounts ... give a true and fair view ...". The paper examined UK and U.S. individual investors' perceptions towards various dimensions of the meanings of the phrases incl. whether they imply that the financial statements are not misleading and free from bias. Results indicate that a majority of both groups perceive that the UK phrase precludes misleading financial statements. A smaller percentage of both groups feel that the U.S. terminology achieves this objective. |
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