Europe must work more towards international standards, say accountants
The Federation of European Accountants (FEE) has issued a report urging the Commission to do more towards convergence of EU and US reporting standards.The report, "Financial Reporting: Convergence, Equivalence and Mutual Recognition", published on 27 March, states that "it is only through substantive European input to the IASB [International Accounting Standards Board] work programme, enhanced coordination and greater transparency that real progress can be achieved." The FEE sees it as essential that the "costly reconciliation requirements" for European companies listed in the US to comply with both the international reporting standards and the US GAAP standards, be eliminated. In April 2005, the EU and the US came to an agreement on reconciliation of the two standards by 2007 if possible but by 2009 at the latest.
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