In Brief: Olson, McCreevy Target '09 for Convergence

The heads of the major accounting regulators in the U.S. and the European Union agree that they are on the same page in heading towards convergence of standards.Speaking at a meeting in Washington, Public Company Accounting Oversight Board Chairman Mark Olson and EU Commissioner Charlie McCreevy said that the profession's regulators on both sides of the Atlantic should be on the same page for 2009. Olson said that the PCAOB will consider issuing further policy guidance regarding its reliance on non-U.S. regulators and will consult with key jurisdictions worldwide, including the European Commission and the EU member states, as part of developing such potential guidance. Both sides will take stock and review their progress in October.