It is a requirement of the Companies Acts that the accounts of limited companies must   show a true and fair view of the state of affairs at the end of a period and the profit or loss for the period.

Requirement

(i) Explain the role that the Companies Acts have in the preparation and presentation of published accounts;

(ii) Explain the relationship between accounting standards, the Companies Acts and European Union Directives; and

(iii) Provide two examples of how accounting standards extend the requirements of the Companies Acts and one example of an accounting standard that differs from the Companies Acts.