Europe and US agree GAAP reconciliation roadmap

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European companies seeking listings in the US could avoid the need to reconcile their figures to US generally accepted accounting principles (GAAP) as soon as 2007, following a deal between the European Commission and the US Securities and Exchange Commission.

Meeting in Washington DC this week, officials involved in the EU-US Financial Markets Regulatory Dialogue agreed a roadmap setting them on the road to equivalence for International Financial Reporting Standards (IFRS) and US GAAP.

The roadmap sets the SEC on a path to accepting IFRS filings as as soon as 2007, but no later than 2009.

EU internal markets commissioner Charlie McCreevy said the agreement was a major step towards establishing high-quality global accounting standards.

"Today's announcement is a sign of our common interest in...

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