On Monday an extraordinary thing happened. The leaders of the US, Germany and the European Commission signed an agreement in Washington that will put an end to much of the squabbling over which set of accounting rules should become the global norm.
The great source of discontent in the financial reporting world has long been the requirement for any company with a US listing - or with debt on the US markets - to reconcile its reported figures to US generally accepted accounting principles (US GAAP).
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