legitimate financial statements
[lə-ˈji-tə-mət fə-ˈnan-shəl ˈste-tments]
noun phrase
demonstrações financeiras legítimas
1. Financial reports and accounting documents that are legally valid, authentic, and prepared in accordance with accepted accounting standards and regulatory requirements
The company's legitimate financial statements were audited by an independent firm and approved by the board of directors.
As demonstrações financeiras legítimas da empresa foram auditadas por uma firma independente e aprovadas pelo conselho de administração.
2. Accounting records that accurately represent a company's financial position, results of operations, and cash flows without misrepresentation or fraud
Banks require legitimate financial statements before approving any business loan applications.
Os bancos exigem demonstrações financeiras legítimas antes de aprovar qualquer solicitação de empréstimo comercial.
In Brazil, legitimate financial statements are crucial for business credibility and regulatory compliance. Companies must present these to the CVM (Comissão de Valores Mobiliários) if publicly traded, and to tax authorities (Receita Federal). In the USA, these statements are essential for SEC compliance and shareholder confidence. The term carries significant legal and ethical weight in both cultures, as fraudulent statements can result in severe criminal penalties.
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