Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

This is strengthening the legislation against possible problems in the of transparency of accounts and clear, true and fair presentation of accounts. This improvement is welcome and I can see the logic of allowing for other accounting standards as long as they meet the criteria. It all seems reasonable enough. However, "true" and "fair" are vague terms. I assume there is more detail as to what they mean. Is there necessarily a relationship between including the words "true" and "fair" and the true and fair standard, which would be set down in a more detailed way? How do we marry them? Should the true and fair standard not be set down in a particular place or developed by a particular body? Is the European Union doing it?