The Definitive Guide to Business Finance: What smart managers do with the numbers, Second Edition

Conclusion

Back to the topic in hand. There are a few lessons to learn from all of the above.

• The first and most obvious is that you have some statutory reporting requirements to consider. You need to know the basics even if you let your beanies worry about crossing the t’s and dotting the i’s – and at the end of the day it is you, not they, who could be prosecuted for non-compliance.

• The second is that there is some flexibility in accounting and financial reporting. You need to know about this when you are creating and interpreting accounts.

• The third observation is that if you operate in more than one country, you may have to prepare your financials differently in each.

• The fourth is that it is all changing. National GAAP may be supplemented ...