A roadmap towards the harmonisation of US and international accounting standards has been agreed between America’s financial regulator and the European Union.
The plan aims to eliminate the need for companies using IFRS to reconcile to US GAAP for SEC filings. This could happen as soon as 2007, but a deadline of no later than 2009 has been set.
EC internal market commissioner Charlie McCreevy said much work was still to do ‘but the bandwagon has now started’.
‘International accounting standard setters, preparers, issuers, auditors and regulators must now accelerate their efforts to seize this unique opportunity,’ he added.
However, SEC chairman William Donaldson was more cautious in his approach.
‘The ultimate success of IFRS will depend on many parties,’ he warned. ‘But I am glad that all parties are taking on the challenge. We need the contributions of all of them to reach the goal.’
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day