The Commission published a report on the work underway in Canada, Japan and the United States on convergence between their national Generally Accepted Accounting Principles (GAAPs) and the International Financial Reporting Standards (IFRS) used in the EU. The report also contains some preliminary information on convergence work in other important jurisdictions.
The Commission welcomes the SEC’s of proposed rule changes to allow IFRS-based financial statements to be filed without any reconciliation to US GAAP. However, the Commission recalls its general objective of removing this reconciliation requirement for European issuers using IFRS as adopted by the EU. At the same time the Commission calls for deeper co-operation and regular meetings between the EU and US to establish staging posts and take stock of ongoing developments.
The Commission is also encouraged by the positive developments in Japan, Canada, China and India.
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Annex
© Graham Bishop
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