Hey! I know we have to submit our financial statement to get our loan from the bank but I don't think they'll approve our loan with the businesses debts. How about I just hide our debts on the financial statement to allow it to get approved?
The Full Disclosure GAAP states that a business is required to state ALL necessary information on its financial statements so our debts is a very important part of it. I know it could reduce our odds of getting the loan but it's better to stay honest about it. If not, we could get into trouble.
Hmm I guess you're right. I'll add the debts into our financial statement to stay honest. Thanks for the advice.
See you later! Thanks again.
You're welcome. If you ever need any help with the GAAPs you can come again.