As announced in a press release issued by the Securities and Exchange Commission (SEC) on Feb. 8, 2006, SEC Chairman Christopher Cox and European Union (EU) Internal Markets Commissioner Charlie McCreevy took stock of progress on, and reaffirmed their commitment to, eliminating the need for reconciliation between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP), both in the U.S. and the EU. They agreed that "mutual efforts should focus on creating the conditions that facilitate use of US GAAP and IFRS in each other's jurisdiction. A summary of key points is below.
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