The Full Disclosure Principle
Updated: 1/20/2020
The Full Disclosure Principle
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Storyboard Text

  • 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.
  • The Next Day
  • Hey guess what? Our loan got approved!
  • Really? That's awesome! Good work.
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