In Washington today, top officials of the EU Commission and the Securities & Exchange Commission (SEC) reached agreement on a roadmap towards equivalence between International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP).
The roadmap sets out steps the SEC will take to eliminate the need for companies using IFRS to reconcile to US GAAP standards possibly as soon as 2007, but no later than 2009.
Representing the EU Commission, Charlie McCreevy, responsible for Internal Market and Services, welcomed the agreement as a tangible sign of progress on his first official visit to Washington since taking office in November 2004:
“Today’s announcement is a sign of our common interest in reducing regulatory burden and related costs on business.
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