The fair presentation requirements of International Accounting Standard 1 will undermine the UK's view of what is true and fair. Over the last 20/30 years there has been an increase in trade and communication. It is easier for people to do business all over the world because new technologies make it possible. The problem is that different countries have different methods of accounting standards, and so there is a problem on how to report the standards. Thus, in recent years, the debate over whether to use fair presentation or true and fair view has become a major concern. Fair presentation and the concept of truth and fairness may seem similar, but they also differ. While the first concept is used in the United States, the second is used in the United Kingdom, European Union, Singapore, Australia and New Zealand. The IASB's task is to prepare a "high-quality global accounting standard that requires transparent and comparable information in general-purpose financial areas." declarations”. According to the International Accounting Standard Board (IASB), fair presentation is the concept that should be used, while UK Corporation Law considers it to be true and fair presentation (TFV). . The latest version of the International Accounting Standard (IAS1) came into effect in July 1998. It adopted both concepts and "required fair presentation and disclosure of compliance with IAS as well as a limited exemption from fair presentation if conformity is deceptive.” Fair presentation comes from the word GAAP (Generally Accepted Accounting Principles) and first appeared in 1939. “True presentation requires the faithful representation of the effects of transactions, other events, in accordance with definitions and accounting criteria assets, liabilities, revenues and planned expenditures within the framework. and can be defined as “presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information.” On the other hand, TFV was first introduced in the United Kingdom in 1947, and since then no one knows its exact nature. The definition of the term can be considered dynamic, however, over the years different people have come up with different definitions. The TFV from 1947 to 1970 was not a major problem, however, once it was introduced into the EU's fourth company law. directive, it began to generate interest. The TFV concept has been used in other countries; therefore, each country would define the Fund according to its language and culture, making the Fund distinct in each country..