Press Release: Accounting: Commissioner McCreevy welcomes CESR-SEC Work Plan for cooperation between EU and US regulators on enforcement of IFRS

Charlie McCreevy, European Commissioner for Internal Market and Services, has welcomed the publication of a Work Plan between the Committee of European Securities Regulators (CESR) and the United States Securities Exchange Commission (SEC) that outlines concrete measures to facilitate transatlantic financial activity within a sound and protective framework. This Work Plan is an important step in bringing about operational and supervisory cooperation between regulators to ensure consistent enforcement of International Financial Reporting Standards (IFRS) and US GAAP. The Work Plan also covers other areas such as the modernisation of financial reporting and disclosure and the discussion of risk management practices.