Internal Market Commissioner Charlie McCreevy last week welcomed the publication of a Work Plan between the Committee of European Securities Regulators (CESR) and the United States Securities Exchange Commission (SEC) that outlines concrete measures to facilitate transatlantic financial activity within a sound and protective framework.
Commissioner McCreevy announced that:
"I welcome this joint Work Plan, which is an important element in achieving consistent application and enforcement of IFRS (International Financial Reporting Standards) and US GAAP. It is also an important step within the roadmap towards eliminating the need for reconciliation between IFRS and US GAAP. It remains crucial that regulators continue to work together to avoid any conflicting regulatory decisions on the application of IFRS.”
The SEC-CESR work plan directly results from the December 2005 meeting between SEC Chairman Christopher Cox and CESR Chairman Arthur Docters van Leeuwen, at which they emphasized their desire to build on the dialogue between the SEC and CESR in a concrete and practical manner.
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