EU and US regulators prepare joint work plan

European and American securities market regulators have developed a joint plan for ongoing dialogue towards convergence of financial reporting standards at a practical level. The overriding aims of closer cooperation between the regulatory bodies are: high-quality accounting standards; consistent application of IFRS around the world; full consideration of international counterparts’ positions on application and enforcement; and avoidance of conflicting regulatory decisions when it comes to applying the standards. The plan is viewed as an important step to eliminating the need for reconciliation between IFRS and US GAAP. View the press release or the CESR/SEC work plan at the CESR website.