Eliminating the IFRS reconciliation in the USA

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10 Feb 2006

European Union Internal Markets Commissioner Charlie McCreevy and US Securities and Exchange Commission Chairman Christopher Cox met in Washington on 8 February 2006. They discussed, among other things, progress toward eliminating the need for reconciliation between International Financial Reporting Standards and US Generally Accepted Accounting Principles (GAAP) in SEC filings by non-US IFRS issuers.

Both the EC and the SEC agreed that, for the reconciliation to be eliminated, regulatory procedures need to be in place in a non-US SEC registrant's home country to ensure that IFRSs are applied and interpreted faithfully and consistently. Work on those procedures in the EU is underway. Click for:

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