legitimate accounting
[/lɪˈdʒɪtɪmət əˈkaʊntɪŋ/]
noun phrase
contabilidade legítima
1. Accounting practices that comply with legal standards, ethical guidelines, and generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS)
The company maintained legitimate accounting practices to ensure transparency with shareholders and regulatory compliance.
A empresa manteve práticas de contabilidade legítima para garantir transparência com os acionistas e conformidade regulatória.
2. Financial record-keeping that accurately represents a business's true financial position without fraudulent manipulation or misrepresentation
Legitimate accounting requires proper documentation and honest reporting of all financial transactions.
A contabilidade legítima requer documentação apropriada e relato honesto de todas as transações financeiras.
In Brazil and Portugal, legitimate accounting is crucial for business operations due to strict regulatory oversight by tax authorities (Receita Federal in Brazil, Autoridade Tributária in Portugal). Companies emphasizing 'contabilidade legítima' often use it as a mark of trustworthiness and corporate integrity. In the USA, especially post-Enron scandal and Sarbanes-Oxley Act, legitimate accounting has become synonymous with corporate governance and investor protection.
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