Accounting Implications of the Greek Bailout

Have you been pondering about the U.S. GAAP financial accounting and reporting implications of the Greek bailout?

Yea, me too.

Well, ponder no longer because PWC has prepared a short accounting alert, which is a part of their “In the Loop” series, summarizing some of the important accounting and financial reporting considerations associated with Greece’s bailout situation.

The 2-page alert addresses several key issues, including:

  • Impairment of investments in Greece’s debt
  • Collectibility of receivables from customers located in Greece.
  • Revenue recognition for local Greek sales transactions, where sales are on account.
  • Related financial reporting disclosure issues, including MD&A disclosures.

PWC’s “In the Loop” article is titled, Greece’s bailout – Financial reporting considerations. To obtain, click on the title above or download the article from the PWC CFOdirect Network at http://www.pwc.com/us/en/cfodirect/publications/in-the-loop/greece-bailout-package-reporting-implications.jhtml?display=/us/en/cfodirect/issues/foreign-currency.

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About docjonz

I am an Associate Professor of accounting at Hofstra University in Hempstead, NY. Additionally, I have more than 30 years of professional accounting experience in various capacities including auditing, accounting standard setting and corporate accounting policy.
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