THE EMERGENCE OF “TRUE AND FAIR VIEW” PRINCIPLE IN ACCOUNTING WITH SPECIAL REGARDS TO THE PROVISIONS OF THE HUNGARIAN ACCOUNTING ACT

Accounting is playing an important role in ensuring the optimal operation of business entities. The field itself has a long history within the jurisdiction of different countries, however, its international aspects became more dominant with the emergence of multinational corporations. The aim of the study is to give a brief overview of the proliferation of the “true and fair view” principle, which originated in the Anglo-American accounting rules. The study examines international, European and domestic development of accounting rules. Special mention is also made regarding the provisions of the Hungarian Accounting Act. It can be concluded that we can find a convergence in the development of accounting principles on a worldwide level, owing to the needs of the global economy and the international accounting standards.