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“I am convinced accepting IFRS without reconciliation in the US capital markets will have very positive effects”, the Commissioner said. But he also noted that with regard to the convergence process of IFRS and US GAAP that “we need a period of accounting stability and predictability – not the palace revolution every day.” However, the principle of equivalence can also be applied in the field of EU-US cooperation on audit regulation, he noted.
“The starting point for cooperation between oversight bodies should be the home country principle. This is why we have agreed today to launch roadmap discussions on equivalence of our respective auditing systems.”
“The aim is to have, by 2009, inspections of audit firms carried out by their home country public oversight body - and not by host country inspections, which are legally and organisationally cumbersome.”