The Committee of European Securities Regulators (CESR) and the US Securities and Exchanges Commission (SEC) published today a joint work plan which will be implemented immediately. The work plan is a direct output from the December 2005 meeting between CESR’s Chairman, Arthur Docters van Leeuwen and Christopher Cox, Chairman of the US SEC, at which they emphasised their desire to build on the dialogue between CESR and the SEC in a concrete and practical manner.
The work plan will serve to guide the CESR-SEC Dialogue in the immediate future. (See previous announcement relating to the CESR-SEC Dialogue at http://www.cesr.eu/index.php?docid=2092.).
The main focus of the work plan is the application by internationally-active companies of US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) in the European Union and the United States, respectively. In addition, the staff of CESR and the SEC will forge a closer dialogue on the modernisation of financial reporting and disclosure information technology, and regulatory platforms for risk management.
See full Press Release, in pdf format.
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