McCreevy urges two-year delay in US GAAP reconciliation decision

The European Commission is to recommend that Europe delay its decision on whether to grant US GAAP equivalent status with International Financial Reporting Standards (IFRS). Charlie McCreevy, internal market commissioner, said he will seek approval from member states and the European Parliament to postpone Europe’s decision by two years. Under current plans, Europe is due to assess the equivalent status of US GAAP, along with Canadian and Japanese GAAP, used by non-European companies with a European listing at the end of 2006, or early 2007.