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Monday April 25, 01:15
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EU and US agreed to resolve accounting issue
(by Brigitta Zulfitzler)
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European and American regulators announced Friday their intention to harmonize their accounting rules, a move long-expected by companies doing business on both sides of the Atlantic.
The U.S. Securities and Exchange Commission agreed that by 2009 it would allow the EU-based companies to keep their own International Financial Reporting Standards when doing business in the U.S.
In its turn, the EU promised to make its own rules closer to those in the U.S., for example, to reform its booking stock portfolios system.
Meanwhile, both European and American companies have to use the Generally Accepted Accounting Principles (GAAP) standards, while doing overseas business. This forces companies to spend extra time and money keeping two sets of books.
Accountants welcomed the news, which seems the first step to harmonization in long-lasted contradictions between two partners. "The sooner the better," said Saskia Slomp, technical director for European Federation of Accountants.
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