EU, U.S. set standards roadmap.

• Position: Standards News - Generally accepted accounting principles - Brief Article

The EU Commission and SEC have agreed on a roadmap toward equivalence between International Financial Reporting Standards and U.S. generally accepted accounting principles.

The roadmap details steps the SEC will take to eliminate the need for companies using IFRS to reconcile to U.S. GAAP. By 2009, companies from the 25 EU nations will no longer be...