Commissioner McCreevy has achieved one of the main aims of his first visit to the US since taking office. He has obtained the agreement of the US Securities and Exchange Commission to a ‘road map’ leading to equivalence between the different EU and US accounting standards. The plan, agreed on 22 April 2005, will aim for completion in 2007 with a latest date of 2009.
The agreement will eliminate the costly process European companies must go through to reconcile their international financial reporting standards (IFRS) to the US's generally accepted accounting principles (GAAP) (see EurActiv 19 April 2005).
This is a first step towards Mr McCreevy’s goal, set out in a speech in New York on 20 April, to work towards convergence and "minimise unnecessary regulatory duplication and legal friction" in transatlantic financial relationships.