Last Thursday was a milestone for the promotion of trans-Atlantic capital market efficiency. The U.S. decided to dispense with the expensive and burdensome reconciliation to the American accounting format for foreign companies, including many European firms, using International Financial Reporting Standards.
It has been just over two years since the Securities and Exchange Commission and the European Commission set out a road map to achieve this goal. In parallel, we in the EU have been working on similar proposals to allow foreign companies listed on our markets to file financial reports using American standards, known as GAAP.
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