US-EU summit meeting agrees goal of mutual GAAP recognition
03 May 2007
The leaders of the United States (President George W Bush) and the European Union (Angela Merkel, the current President of the European Council, and Jose Manuel Barroso, President of the European Commission) held a political summit meeting in Washington on 30 April 2007. Among other things, they reached agreement on a Framework for Advancing Transatlantic Economic Integration Between the United States of America and the European Union.
The framework commits the US and the EU to accelerate work on key 'priority projects' in the areas of intellectual property rights, secure trade, investment, financial markets, and innovation. As part of the financial markets project, the US and the EU agreed to "promote conditions for the 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".The US and the EU also agreed to "fully support roadmap discussions between the European Commission and the Public Company Accounting Oversight Board in the area of auditor oversight". Click for:
- EU Framework Release (PDF 176k)
- US Framework Release (PDF 50k)
