The heads of the major accounting regulators in the United States 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 E.U. Commissioner Charlie McCreevy said that the profession’s regulators on both sides of the Atlantic should be on the same page for 2009.
Currently, foreign companies that list shares for trading in the United States convert their financial results to conform to U.S. GAAP and European regulators have said that, similarly, they may eventually require U.S. companies to reconcile their results to the new international standards.
Currently, there are over 760 non-U.S. firms from 83 countries registered with the PCAOB, including about 265 E.U. firms.
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 E.U. member states, as part of developing such potential guidance.
Both sides will take stock and review their progress in October.
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