RegulationAccounting StandardsAccounting convergence on track says EU

Accounting convergence on track says EU

Progress being made to iron out differences between EU, US Japanese and Canadian standards according to McCreevy

Moves to achieve convergence between international accounting standards and
their US equivalents are making progress, Charlie McCreevy said yesterday.

The EU Internal Market Commissioner said the agreed ‘roadmap’ towards
recognising the separate accounting rules would avoid the need for costly
reconciliations, reports
Reuters.

‘We are very satisfied with the progress being made,’ McCreevy said.

An EU report also indicated similar progress towards convergence with
Japanese and Canadian accounting standards – Europe must decide by 2009 whether
the standards are ‘equivalent’ to IFRS so that foreign companies listed in the
EU can avoid the cost of filing separate accounts.

His comments come in the wake of calls from the UK’s senior financial
reporting regulator, FRC chief Paul Boyle, who said standard setters should
concentrate on improving existing international accounting standards rather than
creating a single system.

Related Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

6d Ellen Temperton, Lewis Silkin
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
The great professional services shake-up

Accounting Standards The great professional services shake-up

3m Fergus Payne, Lewis Silkin
What do clients actually want from an accountant?

Accounting Standards What do clients actually want from an accountant?

4m Emma Smith, Managing Editor
Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

Accounting Standards Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

4m Alison Conley
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
The real price of mates' rates in the provision of professional services

Accounting Standards The real price of mates' rates in the provision of professional services

5m DAC Beachcroft
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter