IFRS to be in EU and US

London – Europe and the US are on track to resolve their accounting and financial reporting differences by 2007, in order to implement the International Financial Reporting Standards (IFRS), says Tom Jones, vice-chairman of the International Accounting Standards Board (IASB), an independent, privately funded accounting standard-setter based in London, UK.

Jones was speaking at the Hewlett-Packard Exchange and Clearing Forum, Globalisation 6, in New York at the start of March.

The IASB, which sets the International Accounting Standards (IAS), and the Financial Accounting Standards Board (FASB), which sets the US Generally Accepted Accounting Principles (US GAAP) are engaged in negotiations to establish a single set of international accounting standards or achieve equivalency between the two.

The formation of a single set of standards or two