2009 a Bellwether Year for Financial Reporting

This year will be a pivotal year for accounting in relation to fair value and convergence of US GAAP and IFRS, according to Fitch Ratings in its Accounting and Financial Reporting 2009 Global Outlook. Impairment of debt investments and the lack of clear-cut rules on the subject have pitted some issuers against their auditors, which will be a particularly sensitive issue when not only profitability but also regulatory capital adequacy is at stake for many financial institutions.

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