Barnier tells US that Europe is “getting impatient” on accounting convergence


EU markets chief, Michel Barnier, said Europe is “getting impatient” by US progress towards adopting international accounting rules, in a speech in Washington today.

Moments ago, Barnier spoke to Washington leaders, acknowledging their progress towards accounting convergence, but warned that Europe’s patience was running out.

“I appreciate that the US authorities have made progress towards convergence, but in the EU, we are getting impatient,” he said.

The US securities regulator, the Securities and Exchanges Commission, is investigating the affect international accounting standards would have on US listed companies.

It has promised to make a final decision on US adoption, next year. Meanwhile US and international standard setters are working towards a June 2011 deadline to converge their two accounting codes.

Further reading:

Do we need a Europe-wide audit regulator: Barnier

SEC and EU chief to discuss accounting issues in London

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