McCreevy victorious after GAAP/IAS talks with SEC
WASHINGTON, DC – Charlie McCreevy, commissioner of the internal markets directorate of the European Commission, returned from his meetings with the US Securities and Exchange Commission victorious in late April.
McCreevy obtained agreement with SEC officials for a plan of action that will ultimately lead to equivalence between US Generally Accepted Accounting Principles (GAAP) and the International Accounting Standards used in the EU. The strategy, agreed on April 22, will target integration by 2007, and no later than 2009.
The proposal will be a boon to European companies that raise capital in the US –
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