Pope Francis outside the Palace of the Lopez in Asuncion, Paraguay July 12, 2015. AFP/ SSERVATORE ROMANO
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Vatican departments had more than a billion euros that were not declared on an overall balance sheet before new accounting standards kicked in last year, a financial statement showed Thursday.The financial statement for 2014, issued after a meeting of the Vatican's Council for the Economy, also showed that the Holy See, including most of its departments in Rome and embassies around the world, ran a budget deficit of 25.6 million euros, in line with the previous year.Last year, the Vatican adopted International Public Sector Accounting Standards and each department's financial statements are now reviewed by an international auditing firm.
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