truthful accounting
[ˈtruːθfəl əˈkaʊntɪŋ]
noun
contabilidade veraz
1. the practice of recording financial transactions accurately and honestly without misrepresentation or fraud
Truthful accounting is essential for maintaining investor confidence in public companies.
A contabilidade veraz é essencial para manter a confiança dos investidores nas empresas públicas.
2. financial reporting that adheres to established accounting standards and principles while disclosing all material information
The company committed to truthful accounting practices following the audit.
A empresa se comprometeu com práticas de contabilidade veraz após a auditoria.
3. transparent and complete record-keeping of financial information without deliberate omission or distortion
Truthful accounting requires detailed documentation of all business transactions.
A contabilidade veraz exige documentação detalhada de todas as transações comerciais.
Both in Brazil and the USA, truthful accounting has become increasingly emphasized following corporate scandals (Enron, WorldCom). In Brazil, adherence to truthful accounting is now mandated by the Securities Commission (CVM - Comissão de Valores Mobiliários). American companies must comply with SEC regulations and SOX (Sarbanes-Oxley Act), reflecting a cultural shift toward corporate accountability and investor protection.
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