Europe is 'getting impatient' on convergence

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12 May 2010

In his first speech outside of Europe since taking office as European Commissioner for Internal Market and Service, Michel Barnier spoke yesterday in Washington about the United States and Europe jointly building a new financial framework.

He said that Europe is getting impatient regarding convergence of IFRSs and US GAAP:

And let me also briefly mention the issue of accounting standards. I appreciate that the US authorities have made progress towards convergence. But in the EU, we are getting impatient. Going forward, it is crucial that we converge further.

Click for Mr Barnier's Remarks (PDF 152k). IAS Plus has comprehensive recent and historical news about IFRSs in the European Union Here.

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