Int'l Accounting Standard Progressing: EU Report

Law360, New York (July 12, 2007, 12:00 AM EDT) -- Though progress has been made on the initiative to reconcile European and U.S. accounting standards, a new European Commission report calls for “deeper cooperation and regular meetings” between regulators on both sides of the Atlantic.

In a report issued on Thursday, the Commission praised recent efforts by the EU, the United States, Canada and Japan to work towards a convergence of the U.S.'s Generally Accepted Accounting Principles and the International Financial Reporting Standards used in the EU.

The Commission reserved special praise for the recent U.S....
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