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Published on Monday, November 20, 2017 | Updated on Wednesday, November 29, 2017

The new accounting standard: pros and cons

The global financial crisis revealed that the banks had not got the resources sufficient to handle a recession as far-reaching as it turned out to be, of a magnitude only comparable with the Great Depression of the 1930s. To prevent anything similar from happening again, the G20 sponsored new accounting rules in creating new banking provisions known as IFRS 9.

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