A stormy start to a stormy year?
Wednesday 11 January 2012 - by Michael Izza
From a more accountancy technical point of view, there is also plenty to deal with in relation to financial reporting. The delayed decision by the US Securities and Exchange Commission on whether to adopt International Financial Reporting Standards (IFRS) is a big-ticket item.
A positive decision from the US will give the drive towards the development of a global financial reporting language a boost. Several important accounting standards are due to be completed this year as well, including new standards for revenue recognition, insurance and impairment, which will have wide-reaching impact on businesses all over the world when they come into force a bit further down the line.
Accountants and auditors have an important role to play in helping businesses ride out the storm. In other words; plenty to get on with. Happy 2012!
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Will markets in 2012 have a tougher time than 2011?