Talking at a conference in Brussels this morning, Frits Bolkestein, the EU commissioner of internal markets said the US and EU ‘had too much in common to fail to co-operate’.
Following a meeting with Pitt yesterday, the commissioner said there had been progress and he was ‘very encouraged with discussions’ over the powers of the proposed US accounting oversight body.
The commissioner added: ‘Pitt will be sick of hearing about our problems with Sarbanes Oxley.’
Pitt is due to address the ICAEW conference in Brussels later today.
In a further development, the commissioner said he was examining the powers of the US oversight board and was considering the creation of European body with similar powers.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation