The Federation of European Accountants (FEE) has issued a report urging the Commission to do more towards convergence of EU and US reporting standards
Brief News:
The report, "Financial Reporting: Convergence, Equivalence and Mutual Recognition", published on 27 March, states that "it is only through substantive European input to the IASB [International Accounting Standards Board] work programme, enhanced coordination and greater transparency that real progress can be achieved."
The FEE sees it as essential that the "costly reconciliation requirements" for European companies listed in the US to comply with both the international reporting standards and the US GAAP standards, be eliminated.
See full Press Release.
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