Giant step is taken towards a single global standard

At the EU-US Summit, Washington, 30 April 2007 it was agreed to "promote and seek to ensure conditions for US GAAP and IFRS to be recognised in both jurisdictions without the need for reconciliation by 2009 or possibly sooner".

Council of the European Union: Press Release: PRES/07/96: EU-US Summit - Washington, 30 April 2007 http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressData/en/er/93890.pdf

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