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The financial services industry is experiencing challenging times against the backdrop of the economic downturn. Financial reporting challenges in this environment include, among other things, determining fair value for illiquid investments, considering impairment for underwater securities, and providing disclosures regarding investments and off-balance sheet exposures. Future challenges on the horizon include new accounting requirements for derecognition of financial assets and consolidation, as well as the global capital markets' movement towards International Financial Reporting Standards ("IFRS") as the single financial reporting language.
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