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December 5, 2012
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  • Ghana will enforce IFRS beginning next year
    Starting in 2013, financial reports not prepared according to International Financial Reporting Standards won't be recognized in Ghana, says Norman Williams, country director of the Association of Chartered Certified Accountants. Sanctions have been implemented to ensure compliance, and the association will focus on helping accountants become familiar with IFRS. Business & Financial Times (Ghana) (11/23) LinkedInFacebookTwitterEmail this Story
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  • IRS unveils ITIN procedure
    The U.S. Internal Revenue Service revised the procedure for issuing an individual taxpayer-identification number to people ineligible for a Social Security number. To alleviate concern about a requirement that taxpayers supply original documents, the IRS will set up Taxpayer Assistance Centers to review documents and also will let certifying-acceptance agents verify them. (11/29) LinkedInFacebookTwitterEmail this Story
  • Brazil will use accounting mechanism to make up surplus shortfall
    The Brazilian government will turn to a mechanism that allows it to deduct public-sector investment from its budget-surplus target to make up a shortfall, Finance Minister Guido Mantega says. "We have a target equivalent to 3.1% of [gross domestic product], and we have authorization to deduct the equivalent of investments that we'll make from this full target," he said. However, Brazil probably won't need the full amount of $22.2 billion. Jones Newswires (11/6) LinkedInFacebookTwitterEmail this Story
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  • IFRS 9 amendments are opposed by AASB, insurance community
    The International Accounting Standards Board has released limited amendments to the classification and measurement aspect of International Financial Reporting Standard 9. The amendments propose changes in the value of debt to be recorded in other comprehensive income. QBE Insurance Group and the Australian Accounting Standards Board oppose the changes, saying they would reduce transparency and could increase compliance costs. Australian Financial Review (11/30) LinkedInFacebookTwitterEmail this Story
  • Banks might be undercapitalized, BoE report says
    A Bank of England Financial Policy Committee report says capital ratios do not provide a measure of financial health and that banks might be inadequately capitalized. "The current accounting regime may prevent banks from provisioning in a timely manner against losses that they expect to suffer," the report says. The fear that banks are undercapitalized could undermine investor confidence and keep banks from loaning. BBC (11/29), The Telegraph (London) (tiered subscription model) (11/29) LinkedInFacebookTwitterEmail this Story
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  • What's your biggest professional challenge?
    Recruiting the right talent  65.48%
    Selecting the right technology  17.86%
    Dealing with fallout from the eurozone crisis  5.95%
    Managing competition from emerging markets  5.95%
    Picking the right overseas market in which to do business  4.76%
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