With regards to published accounts, what is exactly is meant by "true and fair view"? When would it be okay to not have a true and fair view?
Accounts would be true and fair if they were accurate and unbiased. It would never be appropriate to deliberately make the accounts inaccurate or biased, so we should always try to make the accounts as true and fair as possible. However, there are a lot of uncertainties in insurance business, eg we may not have enough data to give an accurate figure, but we would want to disclose any such limitations in the accounts. Best wishes Mark
