The heads of the investor protection agencies for the United States and the European Union both said that they expect U.S. GAAP will ultimately be deemed equivalent to the E.U.'s International Financial Reporting Standards.

At a meeting in Washington, U.S. Securities and Exchange Commission Chairman Christopher Cox and EU Internal Market Commissioner Charlie McCreevy took stock of progress on the roadmap laid out last April to eliminating the need for reconciliation between the two countries' accounting methods. The plan was drafted between McCreevy and former SEC Chairman William Donaldson, and aims at reconciliation as soon as 2007, but no later than 2009.

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