IFRS: EU and US work together to converge standards

In a recent meeting William Donaldson, chairman of the US Securities and Exchange Commission (SEC), and Charlie McCreevy, EU internal market commissioner, discussed the importance of compatible approaches to further investor protection and expanding the use of global accounting standards.

Under discussion was the “roadmap” developed by the SEC to highlight the steps needed to eliminate the US GAAP reconciliation requirement for foreign private issuers using international financial reporting standards (IFRS).

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