The treatment of the difference arising on consolidation has been both a subject of debate (especially in the English-speaking counties) and a source of international diversity in financial reporting. The implementation of the EU Fourth and Seventh Directives could be expected to reduce the...

After a brief historical introduction, the paper examines the true and fair view (TFV) requirement in the Fourth Directive, and in the corresponding company legislation in UK, France and Germany. Differences and nuances are explore from a language and translation viewpoint and also related to...

This paper takes issue with Kuhner (1997) on four main points: • the implications of accounting conventions, principles and valuation conventions; • the role of Notes to the accounts; • the relationship between distributable profits and liquidity; • the significance of the efficient...