Questions: A CFO discovers minor accounting errors that don't violate any laws but might mislead investors. Choosing to correct these errors and disclose them to investors reflects a commitment to: Accounting best practices Ethical reporting standards Legal compliance Financial transparency

A CFO discovers minor accounting errors that don't violate any laws but might mislead investors. Choosing to correct these errors and disclose them to investors reflects a commitment to: Accounting best practices Ethical reporting standards Legal compliance Financial transparency
Transcript text: A CFO discovers minor accounting errors that don't violate any laws but might mislead investors. Choosing to correct these errors and disclose them to investors reflects a commitment to: Accounting best practices Ethical reporting standards Legal compliance Financial transparency
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Solution

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The answer is: Ethical reporting standards.

Explanation for each option:

  1. Accounting best practices: While correcting errors can be part of accounting best practices, this option does not fully capture the ethical dimension of choosing to disclose information that might mislead investors. Best practices focus more on the technical and procedural aspects of accounting.

  2. Ethical reporting standards: This is the correct answer. Choosing to correct and disclose minor accounting errors that might mislead investors, even if they don't violate laws, reflects a commitment to ethical reporting standards. It shows a dedication to honesty, integrity, and transparency in financial reporting.

  3. Legal compliance: Legal compliance involves adhering to laws and regulations. Since the errors do not violate any laws, this option is not the primary reason for the CFO's decision to correct and disclose them.

  4. Financial transparency: While financial transparency is related to the disclosure of information, the key aspect of the CFO's decision is the ethical consideration, which is more accurately captured by ethical reporting standards. Transparency is a result of ethical reporting but not the primary motivation in this context.

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