English for Professional Purposes

Finance of organisations

Ben Stanley

Department of Social Sciences, SWPS University

June 22, 2026

What is reported speech?

Introduction to reported speech

  • In our everyday communication, we often relay information that someone else has said
  • Reported speech allows us to share what others have communicated, introducing a shift in tense, pronouns, and sometimes, sentence structure
  • Understanding reported speech is essential for effectively conveying indirect messages and avoiding plagiarism
  • Reported speech (also called indirect speech) contrasts with direct speech, where we quote the exact words spoken
  • In business contexts, reported speech is frequently used in minutes, reports, and emails when summarizing meetings or conversations

When to use reported speech

  • Reporting what someone said directly (e.g., “She said, ‘I’m going to the store.’”)
  • Summarising conversations or speeches (e.g., “The speaker argued that climate change is a pressing issue.”)
  • Providing context for information (e.g., “According to a recent study, consumers are more likely to trust brands with a strong social media presence.”)
  • Conveying information from multiple sources concisely
  • Documenting decisions made during meetings or conversations
  • Distancing yourself from the original statement when appropriate
  • Paraphrasing when the exact wording is not critical to the message

Grammatical changes — tense shifting

Present Simple → Past Simple

  • “Our sales figures are increasing.” → The manager stated that our sales figures were increasing.
  • “The team produces excellent reports.” → He noted that the team produced excellent reports.
  • “The market fluctuates daily.” → The analyst explained that the market fluctuated daily.
  • “She negotiates all our contracts.” → The director mentioned that she negotiated all their contracts.

Grammatical changes — tense shifting

Present Continuous → Past Continuous

  • “I am preparing the budget” → She explained that she was preparing the budget.
  • “We are negotiating the contract” → The lawyer mentioned they were negotiating the contract.
  • “They are restructuring the department” → The HR director reported that they were restructuring the department.
  • “The company is expanding globally” → The CEO announced that the company was expanding globally.

Grammatical changes — tense shifting

Present Perfect → Past Perfect

  • “We have completed the project” → The team leader announced that they had completed the project.
  • “The marketing campaign has generated significant leads” → The analyst reported that the marketing campaign had generated significant leads.
  • “I have secured the investment” → He stated that he had secured the investment.
  • “They have redesigned the product line” → The manager confirmed that they had redesigned the product line.

Grammatical changes — tense shifting

Past Simple → Past Perfect

  • “The product launched last week” → They confirmed that the product had launched the previous week.
  • “We exceeded our sales targets” → The director said they had exceeded their sales targets.
  • “The meeting ended early” → She mentioned that the meeting had ended early.
  • “The market crashed unexpectedly” → The economist noted that the market had crashed unexpectedly.

Grammatical changes — tense shifting

Future Simple (will + verb) → Conditional (would + verb)

  • “The new office will open next month” → The HR manager said the new office would open the following month.
  • “We will release the updated software in Q3” → The developer promised they would release the updated software in Q3.
  • “The company will announce the merger tomorrow” → The spokesperson revealed that the company would announce the merger the next day.
  • “Profits will increase by year-end” → The CFO predicted that profits would increase by year-end.

Grammatical changes — tense shifting

Additional tense shifts

  • Present Perfect Continuous → Past Perfect Continuous
    • “I have been working on this proposal for weeks” → She said she had been working on that proposal for weeks.
  • Future Continuous → Conditional Continuous
    • “I will be presenting at the conference” → He mentioned he would be presenting at the conference.
  • Future Perfect → Conditional Perfect
    • “We will have finalized the deal by June” → They stated they would have finalized the deal by June.

Grammatical changes — pronoun changes

First person (I/my/me/we/our/us) → second or third person

  • “I will review the proposal” → The manager said she would review the proposal.
  • “Our team is working on the project” → The supervisor explained that their team was working on the project.
  • “We need more resources” → They insisted that they needed more resources.
  • “My presentation went well” → He mentioned that his presentation had gone well.
  • “Give us more time to complete the task” → They requested that we give them more time to complete the task.

Grammatical changes — pronoun changes

Second person (you/your/yours) → third person

  • “Can you send me the report?” → He asked if they could send him the report.
  • “Your presentation was excellent.” → She said his presentation had been excellent.
  • “You should consider our offer” → The representative suggested that they should consider their offer.
  • “Have you completed the financial analysis?” → The director asked whether they had completed the financial analysis.

Grammatical changes — pronoun changes

Context matters:

  • Who is doing the reporting will influence the pronoun changes.
  • If a colleague is reporting what the CEO said, the first person (“I”) used by the CEO would likely change to a third-person pronoun (“he” or “she”).
  • The reporting context determines which third-person pronouns to use (he/she/they).
  • If you are reporting what someone said about you, the second person (“you”) in the original statement might become first person (“I/me”) in the reported speech.
  • If you are reporting what you said to someone else, the first person (“I”) might remain the same, while the second person (“you”) changes to third person.

Grammatical changes — pronoun changes

Possessive adjectives also change accordingly:

  • “My team” → “his/her team”
  • “Our proposal” → “their proposal”
  • “Your strategy” → “their strategy” or “his/her strategy”
  • “Their clients” → usually remains “their clients” but context matters

Grammatical changes — time expressions

Adjust time expressions to match the new reporting context:

  • Today → That day
    • “We are having the meeting today” → He said they were having the meeting that day.
    • “Today’s figures look promising” → She reported that that day’s figures looked promising.

Grammatical changes — time expressions

Yesterday → The day before / the previous day

  • “The deadline was yesterday” → She explained that the deadline had been the day before.
  • “We acquired three new clients yesterday” → The sales manager announced that they had acquired three new clients the previous day.

Grammatical changes — time expressions

Tomorrow → The next day / the following day

  • “I will submit the report tomorrow” → He promised he would submit the report the next day.
  • “The CEO will arrive tomorrow” → The secretary informed us that the CEO would arrive the following day.

Grammatical changes — time expressions

Next week/month/year → The following week/month/year

  • “The conference is next month” → The organizer said the conference was the following month.
  • “We will implement the new system next year” → The IT director stated they would implement the new system the following year.

Grammatical changes — time expressions

Last week/month/year → The previous week/month/year, The week/month/year before

  • “We finalized the budget last week” → She mentioned they had finalized the budget the previous week.

Grammatical changes — time expressions

Now → Then

  • “Let’s discuss this now” → He suggested they discuss it then.
  • “The situation is critical now” → The manager emphasized that the situation was critical then.

Grammatical changes — time expressions

This → That

  • “This quarter’s results exceed expectations” → She announced that that quarter’s results exceeded expectations.

Grammatical changes — time expressions

Here → There

  • “The documents are here on my desk” → He said the documents were there on his desk.

Grammatical changes — time expressions

Specific dates:

  • If the original conversation mentions a specific date, it will generally stay the same in reported speech.
  • “The project starts on June 15th” → She confirmed the project starts on June 15th.
  • “The fiscal year ends on March 31st” → The accountant stated that the fiscal year ends on March 31st.

Grammatical changes — time expressions

Flexibility: There may be some flexibility in reported speech if the exact time is not critical.

  • “I’ll finish the analysis soon” → He said he would finish the analysis soon.
  • “We recently updated our policies” → They mentioned they had recently updated their policies.

Grammatical changes — time expressions

Ago → Before

  • “We launched the product two weeks ago” → She said they had launched the product two weeks before.

This morning/evening → That morning/evening

  • “The stock prices fell this morning” → The analyst reported that the stock prices had fallen that morning.

Reporting verbs

We use reporting verbs to introduce and frame reported speech. The verb you choose should reflect the nature of the original communication.

Reporting verbs

General reporting:

  • Say: “Interest rates will rise.” → The economist said that interest rates would rise.
  • Tell: “Please complete the report.” → She told him to complete the report.
  • State: “Our profits have increased by 15%.” → The CFO stated that their profits had increased by 15%.
  • Mention: “The client has some concerns.” → He mentioned that the client had some concerns.
  • Explain: “The delay was due to supply chain issues.” → They explained that the delay had been due to supply chain issues.
  • Announce: “We’re opening a new branch.” → The CEO announced that they were opening a new branch.
  • Inform: “The meeting is postponed.” → She informed us that the meeting was postponed.

Reporting verbs

Emphasising opinion:

  • Argue: “This strategy is our best option.” → The consultant argued that that strategy was their best option.
  • Claim: “Our product is superior to all competitors.” → They claimed that their product was superior to all competitors.
  • Suggest: “We should revise the budget.” → He suggested that they should revise the budget.
  • Propose: “Let’s merge the departments.” → The director proposed merging the departments.
  • Recommend: “You should diversify your portfolio.” → The advisor recommended that they should diversify their portfolio.
  • Insist: “The deadline cannot be extended.” → The manager insisted that the deadline could not be extended.
  • Believe: “The market will recover soon.” → She believed that the market would recover soon.

Reporting verbs

Implying uncertainty:

  • Think: “The project will take about six weeks.” → He thought the project would take about six weeks.
  • Assume: “The client will accept our proposal.” → She assumed the client would accept their proposal.
  • Speculate: “The merger could affect our stock price.” → The analyst speculated that the merger could affect their stock price.
  • Estimate: “The implementation will cost around £50,000.” → They estimated that the implementation would cost around £50,000.
  • Predict: “Interest rates will rise next quarter.” → The economist predicted that interest rates would rise the following quarter.

Reporting verbs

Conveying agreement/disagreement:

  • Agree: “Your proposal makes sense.” → The board agreed that his proposal made sense.
  • Disagree: “This approach won’t work.” → The consultant disagreed that that approach would work.
  • Confirm: “The contract was signed yesterday.” → They confirmed that the contract had been signed the previous day.
  • Deny: “We did not authorize that expense.” → The CFO denied that they had authorized that expense.
  • Refute: “Your figures are incorrect.” → She refuted his claim that their figures were incorrect.

Reporting verbs

Formal communication:

  • Declare: “The company is now insolvent.” → The administrator declared that the company was insolvent.
  • Announce: “We are merging with XYZ Corporation.” → The CEO announced that they were merging with XYZ Corporation.
  • Propose: “We should create a new department.” → The director proposed that they should create a new department.
  • Summarise: “Our key challenges are funding and staffing.” → He summarised that their key challenges were funding and staffing.
  • Outline: “The strategy has three main components.” → She outlined that the strategy had three main components.

Reporting verbs

Directing or requesting:

  • Ask: “Could you review these figures?” → The manager asked if he could review those figures.
  • Order: “Submit the report by Friday.” → She ordered them to submit the report by Friday.
  • Instruct: “Follow the new compliance procedures.” → The compliance officer instructed them to follow the new procedures.
  • Request: “Please provide additional documentation.” → They requested that we provide additional documentation.
  • Advise: “You should reconsider your investment strategy.” → The consultant advised that they should reconsider their investment strategy.
  • Remind: “Don’t forget the quarterly meeting tomorrow.” → He reminded her about the quarterly meeting the next day.

Reporting verbs

Persuasion and negotiation:

  • Persuade: “You should accept our offer.” → They persuaded the client to accept their offer.
  • Convince: “This is the right decision for the company.” → The CEO convinced the board that it was the right decision for the company.
  • Assure: “The project will be completed on time.” → The project manager assured them that the project would be completed on time.
  • Promise: “I will deliver the results by next week.” → She promised to deliver the results by the following week.
  • Warn: “Missing the deadline will have serious consequences.” → He warned that missing the deadline would have serious consequences.

Special cases in reported speech

When the original statement is still true or relevant:

  • No backshift of tense is required when reporting general truths or facts that remain valid.
  • “The Earth revolves around the sun.” → He explained that the Earth revolves around the sun. (Not “revolved”)
  • “Our company values innovation.” → The CEO stressed that their company values innovation. (Not “valued”)

Special cases in reported speech

Reporting questions:

  • Yes/No questions use “if” or “whether” in reported speech.
  • “Did you complete the audit?” → She asked if/whether I had completed the audit.
  • Wh-questions maintain the question word but follow statement structure.
  • “When will the report be ready?” → He asked when the report would be ready.

Special cases in reported speech

Reporting commands and requests:

  • Use infinitive structures with reporting verbs like “tell,” “ask,” “order,” “instruct,” etc.
  • “Submit your expenses by Friday.” → The manager told us to submit our expenses by Friday.
  • “Please consider our proposal.” → They asked us to consider their proposal.

Special cases in reported speech

Reporting conditional sentences:

  • The conditional form shifts back one tense in reported speech.
  • “If the market improves, we will increase investment.” → She said that if the market improved, they would increase investment.
  • “If I were you, I would accept the offer.” → He advised that if he were me, he would accept the offer.

Common mistakes to avoid

Incorrect backshifting of modal verbs:

  • Some modal verbs do not change in reported speech.
  • “You might need additional funding.” → She warned that we might need additional funding. (Not “might needed”)
  • “They could face penalties.” → He said they could face penalties. (Not “could faced”)

Common mistakes to avoid

Confusing direct and indirect speech punctuation:

  • Direct speech uses quotation marks and often a comma before the quoted words.
  • Indirect/reported speech does not use quotation marks and typically uses “that” to introduce the reported content.

Common mistakes to avoid

Inconsistent pronoun shifts:

  • Ensure all pronouns shift appropriately in the same sentence.
  • “I will send you our proposal tomorrow.” → She said she would send them their proposal the next day.

Common mistakes to avoid

Forgetting to backshift in complex sentences:

  • All verbs in the reported clause need appropriate tense shifts.
  • “We are implementing a new system that will improve efficiency.” → He said they were implementing a new system that would improve efficiency.

Common mistakes to avoid

Using inappropriate reporting verbs:

  • Choose reporting verbs that accurately reflect the intention or tone of the original statement.
  • Commands should use verbs like “tell,” “order,” or “instruct” rather than “say.”

Vocabulary exercise

Question 1

The company’s accountant prepared a detailed ………………… outlining sales, costs, and net income for the quarter.

Answer 1

The company’s accountant prepared a detailed income statement outlining sales, costs, and net income for the quarter.

Income statement: A financial document that summarises a company’s revenues, costs, and expenses over a specific period. It shows whether the company made a profit or loss, revealing its financial performance. Also known as a profit and loss statement (P&L).

Question 2

Before investing in a new venture, analysts used a ………………… model to estimate the potential value.

Answer 2

Before investing in a new venture, analysts used a discounted cash flow model to estimate the potential value.

Discounted cash flow: A valuation method that estimates an investment’s value based on expected future cash flows. It calculates the present value of these cash flows by applying a discount rate that accounts for time value of money and risk.

Question 3

Long-term loans and outstanding accounts payable are both examples of ………………….

Answer 3

Long-term loans and outstanding accounts payable are both examples of liabilities.

Liabilities: Financial obligations that a company owes to outside parties, such as lenders, suppliers, or tax authorities. They include both short-term debts (accounts payable) and long-term commitments (loans) and are reported on the balance sheet.

Question 4

Investors looking for regular income might be interested in purchasing a ………………….

Answer 4

Investors looking for regular income might be interested in purchasing a bond.

Bond: A debt security issued by governments, municipalities, or corporations to raise capital. Investors lend money to the issuer in exchange for regular interest payments and the return of the principal amount at maturity. Bonds appeal to income-focused investors due to their predictable payments.

Question 5

The ………………… tracks sources and uses of cash from operating, investing, and financing activities.

Answer 5

The cash flow statement tracks sources and uses of cash from operating, investing, and financing activities.

Cash flow statement: A financial statement showing cash inflows and outflows during a specific period. It categorises cash movements into operating, investing, and financing activities. This statement reveals how a company generates and uses its cash, crucial for assessing liquidity and financial health.

Question 6

When a company buys new manufacturing equipment, the cost is gradually allocated over time through ………………….

Answer 6

When a company buys new manufacturing equipment, the cost is gradually allocated over time through depreciation.

Depreciation: An accounting method that allocates the cost of a tangible asset over its useful life. It spreads the cost over multiple periods rather than expensing it all at once, reflecting the asset’s gradual reduction in value and matching expenses with the revenues it generates.

Question 7

A company’s patents and trademarks would be considered intangible ………………….

Answer 7

A company’s patents and trademarks would be considered intangible assets.

Assets: Resources owned or controlled by a company that provide future economic benefits. They can be tangible (physical items like equipment) or intangible (non-physical items like patents). Assets appear on the balance sheet and represent resources that generate revenue and profits.

Question 8

………………… ratios help assess a company’s ability to quickly convert assets into cash.

Answer 8

Liquidity ratios help assess a company’s ability to quickly convert assets into cash.

Liquidity ratios: Financial metrics that measure a company’s ability to pay off short-term debts as they come due. Common examples include the current ratio and quick ratio. These help investors evaluate whether a company has sufficient cash or easily convertible assets to cover immediate obligations.

Question 9

The ………………… provides potential investors with a picture of the company’s financial health at a particular moment.

Answer 9

The balance sheet provides potential investors with a picture of the company’s financial health at a particular moment.

Balance sheet: A financial statement showing a company’s financial position at a specific point in time. It follows the equation: Assets = Liabilities + Equity. The balance sheet lists what a company owns, what it owes, and the residual value belonging to shareholders. The two sides must always balance.

Question 10

Ongoing costs like salaries, rent, and utilities are classified as ………………….

Answer 10

Ongoing costs like salaries, rent, and utilities are classified as expenses.

Expenses: Costs incurred by a business in its operations to generate revenue. Unlike assets, expenses represent resources consumed. They include operating expenses (like rent and salaries) necessary for day-to-day functions. Expenses appear on the income statement and are subtracted from revenue to calculate profit.

Question 11

When a company’s ………………… exceed its current liabilities, it has positive working capital.

Answer 11

When a company’s assets exceed its current liabilities, it has positive working capital.

Working capital: The difference between a company’s current assets (cash, inventory, receivables) and current liabilities (payables, short-term debt). Positive working capital shows a company can cover short-term obligations, while negative working capital may signal liquidity problems. Good management balances operational needs with efficient use of resources.

Question 12

Determining the fair market value of a business is the process of ………………….

Answer 12

Determining the fair market value of a business is the process of valuation.

Valuation: The process of determining the worth of a company, asset, or investment. Methods include discounted cash flow analysis, comparable company analysis, and asset-based approaches. It’s essential for investment decisions, mergers, acquisitions, and financial reporting, aiming to establish fair value based on financial metrics and risk factors.

Question 13

Companies can raise funds for expansion by issuing new ………………… in the capital markets.

Answer 13

Companies can raise funds for expansion by issuing new stock in the capital markets.

Stock: Units of ownership in a company that represent a claim on part of its assets and earnings. When a company issues stock, it sells ownership shares to investors in exchange for capital. Shareholders may benefit from price appreciation and dividends. This is a primary way companies raise funds for expansion or other needs.

Question 14

The total sales a company generates before any deductions are considered its ………………….

Answer 14

The total sales a company generates before any deductions are considered its revenue.

Revenue: The total amount of money generated by a company through its business activities, typically from the sale of goods or services. Often called the “top line” because it appears at the top of the income statement, revenue is the gross income before any expenses or deductions. It indicates a company’s market demand and operational scale.

Question 15

………………… ratios are essential for investors to gauge a company’s efficiency in generating profits.

Answer 15

Profitability ratios are essential for investors to gauge a company’s efficiency in generating profits.

Profitability ratios: Financial metrics that evaluate a company’s ability to generate earnings relative to its revenue, costs, assets, or equity. Examples include profit margins, return on assets (ROA), and return on equity (ROE). These show how efficiently a company converts resources into profits, helping assess viability and compare performance across companies.

Question 16

The risk-to-equity ratio is an example of a ………………… ratio, indicating the company’s long-term debt management.

Answer 16

The risk-to-equity ratio is an example of a solvency ratio, indicating the company’s long-term debt management.

Solvency ratios: Financial metrics that assess a company’s ability to meet long-term debt obligations. Unlike liquidity ratios, these examine the relationship between debt, assets, and equity to evaluate long-term financial stability. Examples include debt-to-equity ratio and interest coverage ratio. They help determine if a company has excessive debt.

Question 17

The residual value that would remain for owners after all debts are paid is known as ………………….

Answer 17

The residual value that would remain for owners after all debts are paid is known as equity.

Equity: The ownership interest in a company, represented by the residual value of assets after deducting liabilities. For corporations, it’s often divided into shares of stock. Equity appears on the balance sheet and includes share capital and retained earnings. It represents the net worth of a business from an accounting perspective.

Question 18

The potential for unexpected losses due to market fluctuations is an example of financial ………………….

Answer 18

The potential for unexpected losses due to market fluctuations is an example of financial risk.

Risk: The uncertainty or potential for loss associated with an investment or business decision. It represents the possibility that actual returns will differ from expected returns. Types include market risk, credit risk, liquidity risk, and operational risk. Managing risk involves identifying, assessing, and prioritising threats to minimise potential impacts.

Question 19

The cost of a patent is spread over its useful life through a process called ………………….

Answer 19

The cost of a patent is spread over its useful life through a process called amortisation.

Amortisation: An accounting technique that gradually reduces the value of an intangible asset over its useful life. Similar to depreciation (for tangible assets), it allocates the cost of assets like patents, copyrights, and trademarks across multiple periods. This matches expenses with the revenues these assets generate over time.

Question 20

Companies often issue ………………… to finance long-term projects or for expansion.

Answer 20

Companies often issue bonds to finance long-term projects or for expansion.

Bonds: Debt securities where investors lend money to an entity for a defined period at a fixed or variable interest rate. Issuers promise to pay periodic interest and return the principal at maturity. Companies use bonds to raise capital without diluting ownership, as bondholders are creditors, not owners. They typically offer lower returns than stocks but with reduced risk.

Reported speech exercise

Question 1

“Acme has been investing heavily in its new product line.”

Answer 1

She said that Acme had been investing heavily in its new product line.

Changes:

  • Added reporting verb “She said that”
  • Present Perfect (“has been investing”) → Past Perfect (“had been investing”)

Question 2

“We will see a significant impact on revenue in the next quarter.”

Answer 2

They stated that they would see a significant impact on revenue in the following quarter.

Changes:

  • Added reporting verb “They stated that”
  • First person “We” → Third person “they”
  • Future Simple “will” → Conditional “would”
  • “next” → “following” (time expression change)

Question 3

“The CFO was explaining their debt management strategy.”

Answer 3

She reported that the CFO had been explaining their debt management strategy.

Changes:

  • Added reporting verb “She reported that”
  • Past Continuous (“was explaining”) → Past Perfect Continuous (“had been explaining”)

Question 4

“By this time next year, they might have entered two new markets.”

Answer 4

The analyst predicted that by that time the following year, they might have entered two new markets.

Changes:

  • Added reporting verb “The analyst predicted that”
  • “this” → “that” (demonstrative change)
  • “next” → “the following” (time expression change)
  • No change to “might have entered” as it already expresses possibility in the past

Question 5

“Analysts had predicted a drop in share price, but it rebounded quickly.”

Answer 5

She mentioned that analysts had predicted a drop in share price, but it had rebounded quickly.

Changes:

  • Added reporting verb “She mentioned that”
  • Past Simple (“rebounded”) → Past Perfect (“had rebounded”)
  • No change to “had predicted” as it was already in Past Perfect

Question 6

“The acquisition was a strategic move to expand their technology portfolio.”

Answer 6

The director explained that the acquisition had been a strategic move to expand their technology portfolio.

Changes:

  • Added reporting verb “The director explained that”
  • Past Simple (“was”) → Past Perfect (“had been”)

Question 7

“If sales projections hold, they should exceed last year’s profit.”

Answer 7

The manager said that if sales projections held, they would exceed the previous year’s profit.

Changes:

  • Added reporting verb “The manager said that”
  • Present Simple (“hold”) → Past Simple (“held”) in conditional clause
  • Modal “should” → “would”
  • “last” → “the previous” (time expression change)

Question 8

“There were rumours they were considering a stock split.”

Answer 8

He stated that there had been rumours they had been considering a stock split.

Changes:

  • Added reporting verb “He stated that”
  • Past Simple (“were” rumours) → Past Perfect (“had been” rumours)
  • Past Continuous (“were considering”) → Past Perfect Continuous (“had been considering”)

Question 9

“The CEO emphasised the importance of innovation during the conference call.”

Answer 9

The report indicated that the CEO had emphasised the importance of innovation during the conference call.

Changes:

  • Added reporting verb “The report indicated that”
  • Past Simple (“emphasised”) → Past Perfect (“had emphasised”)

Question 10

“We’re expecting an announcement about their new partnership soon.”

Answer 10

They said that they were expecting an announcement about their new partnership soon.

Changes:

  • Added reporting verb “They said that”
  • First person “We’re” → Third person “they were”
  • No change to “soon” as it remains relevant in the context

Question 11

“They wouldn’t have achieved this growth without consistent research and development investment.”

Answer 11

The finance director argued that they wouldn’t have achieved that growth without consistent research and development investment.

Changes:

  • Added reporting verb “The finance director argued that”
  • “this” → “that” (demonstrative change)
  • No change to “wouldn’t have achieved” as it already expresses past contrary-to-fact conditional

Question 12

“Implementing this new accounting software has streamlined their reporting process.”

Answer 12

The accountant claimed that implementing that new accounting software had streamlined their reporting process.

Changes:

  • Added reporting verb “The accountant claimed that”
  • “this” → “that” (demonstrative change)
  • Present Perfect (“has streamlined”) → Past Perfect (“had streamlined”)

Question 13

“The board is likely to approve the budget increase for marketing.”

Answer 13

She informed us that the board was likely to approve the budget increase for marketing.

Changes:

  • Added reporting verb “She informed us that”
  • Present Simple (“is”) → Past Simple (“was”)

Question 14

“They’ve always prioritised maintaining healthy cash reserves.”

Answer 14

The financial analyst noted that they had always prioritised maintaining healthy cash reserves.

Changes:

  • Added reporting verb “The financial analyst noted that”
  • Present Perfect (“They’ve always prioritised”) → Past Perfect (“had always prioritised”)

Question 15

“I wish they would release more detailed financial projections.”

Answer 15

The investor expressed that she wished they would release more detailed financial projections.

Changes:

  • Added reporting verb “The investor expressed that”
  • First person “I” → Third person “she”
  • No change to “would release” as it’s already in a subjunctive form

Question 16

“Our financial performance today is stronger than ever before.”

Answer 16

The CEO announced that their financial performance that day was stronger than ever before.

Changes:

  • Added reporting verb “The CEO announced that”
  • First person possessive “Our” → Third person possessive “their”
  • Present Simple (“is”) → Past Simple (“was”)
  • Time expression: “today” → “that day”

Question 17

“The quarterly report shows a 15% increase in revenue compared to last year.”

Answer 17

The finance team reported that the quarterly report showed a 15% increase in revenue compared to the previous year.

Changes:

  • Added reporting verb “The finance team reported that”
  • Present Simple (“shows”) → Past Simple (“showed”)
  • Time expression: “last year” → “the previous year”

Question 18

“I am confident we can meet our financial targets by December.”

Answer 18

The director stated that she was confident they could meet their financial targets by December.

Changes:

  • Added reporting verb “The director stated that”
  • First person “I am” → Third person “she was”
  • First person “we can” → Third person “they could”
  • First person possessive “our” → Third person possessive “their”
  • No change to “December” as it refers to a specific month

Question 19

“You must submit your expense reports by tomorrow to receive reimbursement.”

Answer 19

The manager instructed that they must submit their expense reports by the next day to receive reimbursement.

Changes:

  • Added reporting verb “The manager instructed that”
  • Second person “You” → Third person “they”
  • Second person possessive “your” → Third person possessive “their”
  • Time expression: “tomorrow” → “the next day”

Question 20

“My team and I have been analysing the market trends since January.”

Answer 20

He explained that his team and he had been analysing the market trends since January.

Changes:

  • Added reporting verb “He explained that”
  • First person possessive “My” → Third person possessive “his”
  • First person “I” → Third person “he”
  • Present Perfect Continuous (“have been analysing”) → Past Perfect Continuous (“had been analysing”)