Banro Corp. fka BAA

[uncle jessie]

You should read this:

http://www.mineweb.com/archive/a-few-billion-here-a-few-billion-there-impairment-everywhere/

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Under old, pre-2011, accounting rules in Canada, where many gold miners are headquartered, impairment charges were a one way street. Now, following the adoption of new international accounting standards a couple years back, known as IFRS, the accounting goes both ways.

“Under IFRS not only do you have impairment charges, but you can have those impairments reversed in the future, which is quite unusual compared to what I would call old Canadian GAAP (generally accepted accounting practices) where once you took an impairment charge, that was it. You took the charge and went with that revised amount going forward.”

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