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Global financial reporting implications related to regions experiencing economic struggles

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Jul 24, 2015

Economic conditions, particularly in Europe and Puerto Rico, continue to be volatile. A vote by Greece’s parliament on July 15 to accept new austerity measures, as well as other recent actions by eurozone leaders, may have allayed some fears and reduced the risk that Greece will exit from the eurozone (i.e., discontinue using the euro as the country’s currency). However, the situation remains uncertain for the time being. Outside the eurozone, Puerto Rico, a commonwealth of the United States, is also suffering from a combination of a large debt burden, weak economic growth, and population declines.

To help entities deal with the implications under U.S. GAAP and IFRSs with respect to the economic struggles in these regions, Deloitte has issued two publications:

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