Mario Christodoulou, Accountancy Age, Tuesday 11 May 2010 at 13:27:00

EU head of internal markets tells US Europe's patience is running out

EU markets chief, Michel Barnier, said Europe is ?getting impatient? by USprogress towards adopting international accounting rules, in a speech inWashington today.

Moments ago, Barnier spoke to Washington leaders, acknowledging theirprogress towards accounting convergence, but warned that Europe?s patience wasrunning out.

?I appreciate that the US authorities have made progress towards convergence,but in the EU, we are getting impatient,? he said.

The US securities regulator, the Securities and Exchanges Commission, isinvestigating the affect international accounting standards would have on USlisted companies.

It has promised to make a final decision on US adoption, next year. MeanwhileUS and international standard setters are working towards a June 2011 deadlineto converge their two accounting codes.

Further reading:

Dowe need a Europe-wide audit regulator: Barnier

SECand EU chief to discuss accounting issues in London