... deal with such change. As a result, numbers of accountants have found ways of presenting information that shows a company in the very best financial position. In many cases, the company will have a high turnover and profit levels in one year and soon turned to poor results in a following year. Changes in accounting practice and a struggle to cope with a new business environment are not limited to the UK. No businesses are the same therefore it is difficult to have one set of accounting regulation. We can argue that it is not sufficient for companies to comply with the detailed rules of the Companies Act and of Accounting Standards. There are many examples shows that there is a need to override the true and fair requirement to enable the company to provide a true and fair view of their accounts. According to the Company Reporting No.152, the ...

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