The European Commission said it would propose a law allowing U.S. and Japanese companies with listings on European exchanges to file financial statements in accordance with U.S. generally accepted accounting principles without first reconciling them with International Financial Reporting Standards.

The move essentially makes IFRS equivalent with U.S. and Japanese GAAP, and removes a reconciliation requirement that was scheduled to go into effect in 2009. Last year, the U.S. Securities and Exchange Commission removed the reconciliation requirement for companies that report results in accordance with IFRS.

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