TRUE AND FAIR VIEW.....

Summary: the first one is full set financial statements and the second one is simplified version of financial statements. The second is considered favourable choice to small to medium size entreprise because it save cost and time for financial reporting and you follow an accounting standard of only 73 pages (whereas there are over thousand pages of standards for the first one).
Detail reasons:
From accounting period commencing from 1 Jan 2005 and later, when you say a set of financial statements give a true and fair view, the very first prerequirsite is compliance with HKFRSs. http://www.hkicpa.org.hk/ebook/main.php
From accounting period commencing from 1 Jan 2005 and later, when you say a set of financial statements give a true and correct view, the very first prerequirsite is compliance with SME-FRS. The second prerequisite is fullfilling requirements in s.141D of the Companies Ordinance http://www.legislation.gov.hk/blis_ind.nsf/e1bf50c09a33d3dc482564840019d2f4/b5a01135d9427ea548256cf30013affe?OpenDocument
which requires agreement of using this format of financial statements by ALL shreholders, and the company itself has no HK holding company nor subsidiary.

2007-04-01 23:33:27 補充：
In respect of accuracy, both are the same. The word "correct" doesnt mean it has to be 100% correct. Both follow most Hong Kong Auditing Standards. However, many smaller size auditors will likely to offer true & correct view at lower audit fee because accounting policies is much simplied.

2007-04-01 23:33:52 補充：
** S.141D financial statements for 31/12/2005 onwards the profit and loss account (now renamed as income statement) must also be audited.

Let me answer true and correct view.

When the limited chooice 141D of audit.
the auditor only will say true and correct view. it is because using 141D don't need audit the p/l a/c only balance sheet will audited.

The true and fair view is a concept of auditing. When your client has disclosed you all of the relevant and true information(including receipts, invoice and financial statement etc.). After a series of audit procedures, your will give unqualified audit report and state the company's financial statements are in true and fair view(That's mean the company is honest).

I really don't know about the "true and correct view". I am sorry!