FEE urges mutual recognition of IFRSs and US GAAP
28 Mar 2006
The European Federation of Accountants (FEE) has published a position paper on Financial Reporting: Convergence, Equivalence and Mutual Recognition.
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. |