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...