Accounting For International Differences

Posted by accountingweb on May 1 2005 83 printer friendly

The Committee of European Securities Regulators (CESR) recommends that any public company reporting financial statements under U.S. rules to a regulator in the 25-member European Union (EU) merely disclose the differences between the American and international rules, rather than reconciling the two different standards.

The recommendation follows last week’s statement from the Securities and Exchange Commission’s (SEC) that European companies following international accounting standards may be allowed to report those figures without reconciling them to the U.S. rules as early as 2007 according to the Wall St. Journal.

Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?

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