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Impact on the financial statements
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[QUOTE="Yusra3, post: 304720, member: 31907"] The impact of the new accounting rules will be a significant change to the financial statements. The impact on the income statement is expected to be minimal, while the impact on the balance sheet and cash flow is expected to be substantial. The primary effect of the new rules will be a reduction in reported earnings, which may require a change in accounting policies and procedures for certain companies. This will be particularly relevant for companies with a high level of debt and/or high levels of Net Operating Losses (NOLs). In addition, the new rules will require all businesses to adopt IFRS as their primary source of financial reporting. This means that any company that currently uses American Accounting Standards Board (ASB) standards or International Financial Reporting Standards (IFRS) must convert to those standards by 2020. [/QUOTE]
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Impact on the financial statements
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