Given the sovereign debt turmoil in the Eurozone and the approaching debt problems for the US (as the US debt-to-GDP figures escalate over 100% by mid-2012 without accounting for state unfunded pension liability), debtor nations will find it difficult to finance large-scale consumption economies any longer.

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An accounting change last year raised the liability of unused frequent-flier miles on company balance sheets and gave airlines more incentive to get miles off their books.

WSJ: Saving Frequent-Flier Miles From the Ax

Wipro Spectramind is also spreading into accounting, insurance, procurement and product liability.

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But private pension plans (overseen by the Financial Accounting Standards Board) may not set a liability discount rate based on anticipated asset performance.

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The Justices ruled 5-3 Tuesday that third parties, such as investment banks, accounting firms and suppliers, can be shielded from liability if they engage in business with companies that are involved in securities fraud.

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But in everything except the strict accounting sense of the word Mr Ashcroft has become a liability.

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Partly, their exercise appears to be a clever attempt to deal with an issue that continues to dog the accounting profession, especially the biggest practitioners: limiting the potential liability for frauds and misstatements which they fail to detect.

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