These errors can stem from various sources, such as mathematical mistakes, misapplication of accounting principles, or oversight of facts that existed at the time the financial statements were prepared. The goal of these adjustments is to amend the historical financial data to reflect what should have been reported initially. Additionally, an entity will need to…

Arm’s length transactions can help protect buyers and sellers from undervaluation or overpayment. By having intermediaries and no personal relationships, parties are more likely to be treated fairly, without any favoritism or bias. By keeping negotiations independent, as well, an arm’s length transaction can reflect accurate property values at true market conditions. Plus, lenders can…