INTRODUCTION AND BACKGROUND
Over the last six months, and before, the issue of convergence of IFRS and US GAAP is high on the political agenda and debated in various fora. Two elements play an important role:
- What level of convergence is needed for dropping the reconciliation requirement for European companies, which are registered with the SEC using IFRS and reconciling with US GAAP.
- Consistent application of IFRS and the issue of interpretations.
On 1 December 2005, FEE organised a seminar on this theme under the title “IFRS Convergence and Consistency1” with key senior speakers involved. The seminar focused on questions of political importance with social implications rather than on technical questions2. In wrapping up the seminar, FEE President David Devlin concluded:
See full Report, in pdf format.
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