FEE urges mutual recognition of IFRSs and US GAAP

  • FEE (Federation of European Accountants - Fédération des Experts-comptables Européens) (lt green) Image

28 Mar 2006

The European Federation of Accountants (FEE) has published a position paper on Financial Reporting: Convergence, Equivalence and Mutual Recognition.

FEE notes that "the only way for Europe to make a real input to global convergence in standards is to be co-ordinated in its approach.... It is only through substantive European input to the IASB work programme, enhanced coordination and greater transparency and consultation that real progress can be achieved." In launching this paper, FEE President David Devlin said:

The time is right for the acceptance of IFRSs as truly global financial reporting standards. The European accountancy profession welcomes the recent confirmation of the European Commission's and the SEC's commitment to global accounting convergence and to eliminating reconciliation requirements. It is of crucial importance that a specific level of convergence is not needed for mutual recognition of IFRS and US GAAP.

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