Referring to something that is officially recorded, documented, or formally recognized as a legitimate activity, transaction, agreement, or commitment within an organization, company, government, or system. It often implies transparency, adherence to regulations, and the proper accounting or inclusion of something in established records. The term suggests that a particular item or situation is officially acknowledged and treated in a standard and accepted manner, contrasting with actions or agreements that are undocumented, informal, or conducted outside of official channels. Actions 'on-the-books' often involve legal compliance, accountability, and the ability to be scrutinized. Therefore, activities that are 'on-the-books' are transparent and have no element of being secret, as they have been thoroughly scrutinized by the appropriate authorities.
On-the-books meaning with examples
- The company’s financial obligations are meticulously ‘on-the-books’, providing investors with confidence in their investments. Every transaction, from salaries to procurement, is thoroughly documented and audited, ensuring full transparency and preventing any form of fraud or irregularity. This commitment to record-keeping protects stakeholders and maintains the integrity of the business.
- The government's spending on infrastructure projects is strictly ‘on-the-books’. Each construction contract, environmental impact assessment, and payment is formally recorded and subject to public scrutiny, so that the taxpayer's investment can be properly managed. This promotes accountability and minimizes the risk of corruption.
- The union’s collective bargaining agreements are ‘on-the-books’, solidifying the rights and responsibilities of both the employees and the employer. The terms and conditions of employment are formally written and acknowledged, providing a clear framework for resolving disputes and ensuring fair labor practices, in accordance with the laws of the state.
- The new tax legislation introduced a rule where all offshore financial transactions were brought ‘on-the-books’. This meant that every income stream was meticulously documented, taxed at the current rate and accounted for in the governmental finances of the country. This resulted in a more comprehensive and accurate assessment of the nation’s financial situation.
- Before the merger, all of the assets and liabilities of both companies needed to be fully ‘on-the-books’. A team of auditors meticulously checked every financial record to ensure compliance with regulatory standards and fair financial statements, so that the final transaction would reflect an honest valuation of both companies.