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'True and Fair' as the Moral Compass of Financial Reporting

12 Pages Posted: 21 Oct 2009 Last revised: 23 Aug 2011

Shyam Sunder

Yale University - School of Management; Yale University - Cowles Foundation

Multiple version iconThere are 2 versions of this paper

Date Written: September 15, 2009


Experience with the 75 years of development of, and increasing reliance on, written standards of corporate financial reporting suggests that balancing them with community’s social norms may be a better option. “True and fair” override of written standards could serve as the moral compass of financial reporting

Keywords: True and fair, financial reporting, standards, ethics, social norms

JEL Classification: M41

Suggested Citation

Sunder, Shyam, 'True and Fair' as the Moral Compass of Financial Reporting (September 15, 2009). Available at SSRN: or

Shyam Sunder (Contact Author)

Yale University - School of Management ( email )

165 Whitney Avenue
P.O. Box 208200
New Haven, CT 06520-8200
United States
203-432-6160 (Phone)


Yale University - Cowles Foundation

Box 208281
New Haven, CT 06520-8281
United States

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