U.S., E.U. Regulators In Joint Accounting Venture

Law360, New York (August 2, 2006, 12:00 AM EDT) -- Currently mulling the elimination of an onerous requirement, the U.S. Securities and Exchange Commission has launched a new initiative to explore whether overseas companies still must square their financial statements with U.S. accounting principles.

On Wednesday, the SEC, flanked by the Committee of European Securities Regulators, unveiled a new "work plan" intended to open lines of communication regarding the application of accounting standards used in the U.S. and Europe.

The U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards differ vastly on matters ranging from...
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