Los antecedentes de la imagen fiel y su aplicación en España

Abstract

The objective of this thesis is to examine the origins of the "True and Fair View" concept in the United Kingdom, focusing on the existence of similar words in contracts, laws and accounting manuals before its introduction into a law of global importance in 1844. The reasons for the necessity of introducing a concept of this importance into the law are assessed as are the changes in the words used over the decades. A positive correlation is found between the political party in power at the time of the change and the words used until the moment that the accounting profession in the United Kingdom becomes prestigious. These changes are examined up to the final change in the law of 1947/1948. The concept is then incorporated into European Union legislation and has to be adapted to the law of the Member States. In this area the thesis concentrates on how this concept was introduced into the law of countries whose law is based on continental law rather than common law with particular emphasis on Spain. We examine if the concept has been properly accepted in practise and the difficulties that its introduction caused in Spain. The paper continues by examining the incorporation of the concept into the International Financial Reporting Standards IFRS. Finally we include an empirical study to find out the level of acceptance of the concept in Spain among University Professors in the area of Accounting and Auditing, Professional auditors and finally students studying Accounting and Auditing at degree and Master level. We discover that in general the concept is accepted and has an importance in Spanish accounting practise, but the correct application as outlined by the IV Directive is questionable in certain circumstances.