US-EU: Eliminating reconciliation by 2009 - possibly sooner

02 May 2007

At their political summit meeting held in Washington on 30 April, the US President, George W Bush, and the two European leaders, Angela Merkel, President of the European Council, and José Manuel Barroso, President of the European Commission, resolved to work to promote transatlantic economic integration under six headings, including financial markets. In particular they resolved to promote conditions for US generally accepted accounting principles and International Financial Reporting Standards to be recognised in both jurisdictions without the need for reconciliation by 2009 or possibly sooner.

US Press release
EU Press release
Council Document on EU-US Summit results

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