EUROPE MOVES TO ACCEPT U.S. GAAP

Brussels - An official with the European Union said that U.S. companies with stocks listed on European exchanges will not be forced to conform to International Financial Reporting Standards, even as IFRS moves closer to convergence with U.S. generally accepted accounting principles. The EU's internal market commissioner, Charlie McCreevy, told a European Federation of Accountants conference that he will propose that U.S. companies be able to file financial statements in accordance with U.S. GAAP without first reconciling them with IFRS. The U.S. Securities and Exchange Commission recently decided to allow non-U.S. companies to file their financial statements in IFRS without reconciling them with GAAP.

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