McCreevy hails accounting 'roadmap'

EU internal market and services commissioner Charlie McCreevy said he has reached an agreement with the US Securities and Exchange Commission (SEC) on a "roadmap" towards equivalence between accounting standards.

The roadmap sets out steps the SEC will take to eliminate the need for companies using International Financial Reporting Standards (IFRS) to reconcile to US Generally Accepted Accounting Principles (GAAP) possibly as soon as 2007, but no later than 2009.

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