By Kofi AHOVI Universal banks in the country have met the stipulated deadline for adopting the International Financial Reporting Standards (IFRS), as directed by the Bank of Ghana (BoG). Information available to BusinessWeek indicates that the banks beat the Bank of Ghana’s deadline of December 2008. The deadline, which was originally slated for December 2007, was extended to the end of December, last year to enable the banks to gradually progress through the process. The purpose of the directive is to ensure that banks operating in the country meet international best practices with regards to financial reporting. IFRS is a set of accounting standards, developed by the International Accounting Standards Board (IASB), that is becoming the global standard for the preparation of public company financial statements. The IASB is an independent accounting standard-setting body, based in London. It consists of 14 members from nine countries, including the United States. The IASB began oper...