German Institute of Auditors Expresses View on Impairment of Greek Sovereign Debt
The German Institute of Auditors (Institut der Wirtschaftsprüfer in Deutschland, IDW) has published a press release regarding the treatment of Greek sovereign debt in interim financial statements at 30 June 2011 in light of current developments.
The IDW met on 19 July 2011 to discuss the measurement of Greek sovereign debt in the interim financial statements of financial institutions, insurance companies and other investors, with particular emphasis on a need for the recognition of impairment.
The IDW press release notes the IDW has concluded there is a need to recognize an impairment of Greek sovereign debt in financial statements at 30 June 2011.
Click for full press release (link to the IDW website, PDF 24k, in German).