To ensure that a business is operating lawfully, adhering to good practices, and not violating the principles of a fair market, governments worldwide have various controls and reporting requirements in place. Financial reporting is a crucial piece of that puzzle, and it allows governments to keep track of the financial activities of businesses operating within their countries. Thanks to globalization and individual businesses operating in multiple countries, financial reporting compliance has become more sophisticated and complex.

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 Businesses operating in just one country must adhere to all the laws, rules, and regulations associated with conducting business there. This covers everything from labor laws to anti-corruption and bribery compliance.

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