The U.S. and Europe should be able to achieve a single accounting standard by 2009, the chairman of the Securities and Exchange Committee, Christopher Cox, said Sunday.
Cox was appearing on a panel at the German Marshall Fund Brussels Forum. In other comments, he said the SEC was proving able to modify the U.S.’s Sarbanes-Oxley legislation to meet European concerns and that he expected the accounting progress to become a key part of a new transatlantic partnership on eliminating regulatory divergences.
U.S. President George W. Bush and German Chancellor Angela Merkel are due to sign a new regulatory partnership Monday in Washington. The deal will create a transatlantic council to set priorities. Accounting standards are a “wonderful example,” a “tangible result” of what the new accord can achieve, Cox said. Progress towards common accounting standards is “going swimmingly,” he added.
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