|
 |
U.S., EU Promote 'Mutually Recognized' Accounting Standard May 3, 2007 (SmartPros) A new agreement between the U.S. and the European Union clears the way for a "mutually recognized" trans-Atlantic accounting standard. Earlier this week, at the U.S.-EU summit, President Bush, German Chancellor and EU President Angela Merkel, and European Commission President Jose Manuel Barroso sealed an agreement that establishes the "Transatlantic Economic Council." Among several initiatives, the council aims to make U.S. Generally Accepted Accounting Principles (GAAP) and international standards mutually recognized in both jurisdictions -- "without the need for reconciliation" -- by 2009 or sooner. The council will be responsible for monitoring and reporting on business and economic operations agreed upon by the U.S. and EU, with the main goal to eliminate regulatory barriers to trade. The White House press release is available at: http://www.whitehouse.gov/news/releases/2007/04/20070430-4.html 2007 SmartPros Ltd. All rights reserved. |
|
|
|||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
