Here are some best practices in financial reporting:

1. Maintain accurate and complete records: Ensure that all financial transactions are properly recorded and that accounting records are up-to-date and accurate.
2. Comply with accounting standards and regulations: Follow all relevant accounting standards and regulations to ensure compliance and accuracy of financial statements.
3. Use a reliable accounting system: Implement a reliable accounting system that can support timely and accurate financial reporting.
4. Establish clear accounting policies and procedures: Establish clear accounting policies and procedures that are consistent with accounting standards and regulations, and ensure that all accounting personnel are properly trained on these policies and procedures.
5. Conduct regular financial reviews and audits: Conduct regular financial reviews and audits to ensure that financial statements are accurate, complete, and in compliance with accounting standards and regulations.
6. Provide clear and concise financial statements: Provide financial statements that are clear and concise, with detailed explanations of key financial data and relevant disclosures.
7. Communicate effectively with stakeholders: Communicate financial results and other financial information effectively with stakeholders, including investors, lenders, and regulatory agencies.
8. Ensure confidentiality and security of financial information: Ensure that financial information is kept confidential and secure, and that appropriate controls are in place to protect against fraud and unauthorized access.
9. Monitor and manage financial risks: Regularly monitor and manage financial risks, including credit risk, liquidity risk, and market risk.
10. Continuously improve financial reporting processes: Continuously review and improve financial reporting processes to ensure that they are efficient, effective, and in compliance with accounting standards and regulations.

Overall, following these best practices can help companies to maintain accurate and reliable financial reporting, which is critical for building trust with stakeholders and making informed business decisions.

Here's an example of best practices in financial reporting in a real-life scenario:

XYZ Corporation is a publicly traded company that operates in the technology industry. To ensure accurate and reliable financial reporting, XYZ Corporation follows several best practices:

1. Maintain accurate and complete records: XYZ Corporation maintains accurate and complete records of all financial transactions in a centralized accounting system.
2. Comply with accounting standards and regulations: XYZ Corporation follows all relevant accounting standards and regulations, including the Generally Accepted Accounting Principles (GAAP), to ensure compliance and accuracy of financial statements.
3. Use a reliable accounting system: XYZ Corporation uses a reliable accounting system that can support timely and accurate financial reporting.
4. Establish clear accounting policies and procedures: XYZ Corporation has established clear accounting policies and procedures that are consistent with GAAP and provides training to its accounting personnel.
5. Conduct regular financial reviews and audits: XYZ Corporation conducts regular financial reviews and audits by an independent auditor to ensure that financial statements are accurate, complete, and in compliance with GAAP.
6. Provide clear and concise financial statements: XYZ Corporation provides clear and concise financial statements, with detailed explanations of key financial data and relevant disclosures.
7. Communicate effectively with stakeholders: XYZ Corporation communicates financial results and other financial information effectively with stakeholders, including investors, lenders, and regulatory agencies through press releases, financial reports, and presentations.
8. Ensure confidentiality and security of financial information: XYZ Corporation ensures that financial information is kept confidential and secure, with appropriate controls in place to protect against fraud and unauthorized access.
9. Monitor and manage financial risks: XYZ Corporation regularly monitors and manages financial risks, including credit risk, liquidity risk, and market risk.
10. Continuously improve financial reporting processes: XYZ Corporation continuously reviews and improves financial reporting processes to ensure that they are efficient, effective, and in compliance with accounting standards and regulations.

By following these best practices, XYZ Corporation is able to maintain accurate and reliable financial reporting, which helps to build trust with stakeholders and make informed business decisions.