Press Release: Accounting Standards: EU Commissioner McCreevy sees agreement with S.E.C. as progress toward equivalence

In Washington, top officials of the EU Commission and the Securities & Exchange Commission (SEC), meeting in the context of the EU-US Financial Markets Regulatory Dialogue, reached agreement on 22 April 2005 on a 'roadmap' toward equivalence between International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP).