Closing Out 2014

• In this special edition of we set out financial reporting issues that may be relevant for years ending on or after 31 December 2014 as a result of areas of regulatory focus, the current economic environment or changes in accounting Standards.
• Deloitte’s latest Global Economic Outlook notes that the global economy continues to show a few signs of strength and several signs of weakness. While the US economy is showing signs of a sustainable growth path, the Eurozone recovery has suffered several setbacks and remains highly vulnerable. The report also highlights other issues including the deceleration of growth in the Chinese economy and the effects of tax rises in Japan and falling oil prices on Russia.
• Preparers of financial statements may, therefore, face a variety of challenges depending on the environment in which they operate. In addition, the implementation of accounting standards will continue to require careful consideration and the application of significant judgement.
• This special edition highlights some of the above considerations, together with potential areas of regulatory focus.

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