On the occasion of the visit of EU Internal Markets Commissioner Charlie McCreevy to Washington DC, SEC Chairman Christopher Cox and Commissioner McCreevy took stock of progress on and affirmed their commitment to eliminating the need for reconciliation between International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP).
Chairman Cox believes the use of IFRS has the potential to produce significant benefits for US investors through enhanced comparability of financial information about investment choices around the world. He congratulates Commissioner McCreevy on the strides made by the European Union toward implementing IFRS, and further notes the work accomplished by the International Accounting Standards Board (IASB), the independent body charged with establishing high-quality-global accounting standards.
See full Press Release.
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