Press Release: Accounting: Commissioner McCreevy welcomes work programme for convergence between EU and US standards

Charlie McCreevy, European Commissioner for Internal Market and Services, on 17 February 2006 welcomed the publication of a Memorandum of Understanding between the United States Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) that outlined a work programme for convergence between US Generally Accepted Accounting Practices (GAAP) and International Financial Reporting Standards (IFRS).