Press Release: Accounting: Commission report shows progress on standards convergence in key partner countries

The European Commission has published a report on the work underway in Canada, Japan and the United States on convergence between their national Generally Accepted Accounting Principles (GAAPs) and the International Financial Reporting Standards (IFRS) used in the EU. The report also contains some preliminary information on convergence work in other important jurisdictions. Under EU accounting rules the Commission is required to inform the European Parliament and European Securities Committee regularly about the progress on convergence and of progress on the elimination of reconciliation requirements that apply to EU issuers.