EU may have to accept US GAAP next year

McCreevy to propose acceptance of US GAAP without reconciliation to IFRS

Charlie McCreevy says it will be Europe's turn to accept accounts in US GAAP next year.

'Now it will be Europe's turn to accept accounts in US GAAP,' said McCreevy earlier today. 'This decision will have to be taken next year. And it is certainly my intention to propose that no reconciliation to IFRS will be needed for companies filing their accounts under US GAAP. This is the only sensible way forward.'

The internal markets commissioner was speaking at an Audit Regulation conference in Brussels, hosted by the Federation of European Accountants.

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