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Turbulent times — Financial reporting considerations arising from the Eurozone crisis

Published on: Jul 11, 2012

This publication highlights key issues emerging from the ongoing Eurozone crisis that need to be considered by entities preparing their financial statements for periods ending on or after June 30, 2012.

Continued uncertainty about the situation in Greece and other economies of the Eurozone, such as Ireland, Italy, Portugal, and Spain, along with weaker economic conditions in Europe and elsewhere, raises a number of challenging financial reporting issues. This publication includes material relating to the economic conditions in the Eurozone, implications of difficult trading conditions, financial instrument issues, interim reporting, and regulatory activity.

The financial reporting considerations discussed in this publication are based on the assumption that the membership of the Eurozone is unchanged at the reporting date and at the date of the signing of the financial statements. The financial reporting impact of a country's exit from the Eurozone is discussed in a related publication, Exiting the Euro: Financial reporting implications of a country's exit from the Eurozone.

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