Mutual Recognition of IFRS and US GAAP a priority

At the annual European Union (EU) – US Summit held in April 2007 in Washington D.C., the EU and US announced the adoption of a Framework for Advancing Transatlantic Economic Integration. The EU-US joint statement was signed on April 30 by Angela Merkel, chancellor of Germany and currently president of the European Council, Jose Manuel Barroso, president of the European Commission (EC) and US President George W. Bush.