On April 30, 2007, political leaders from both sides of the Atlantic signed the "Framework for Advancing Transatlantic Economic Integration Between the United States of America and the European Union." One of the Framework's "Lighthouse Priority Projects" (i.e., "priority growth projects, selected from the existing work program and other programs within the existing transatlantic dialogue, that will significantly enhance transatlantic economic integration") is to "[p]romote and seek to ensure conditions for the U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards to be recognized in both jurisdictions without the need for reconciliation by 2009 or possibly sooner." As a Lighthouse Priority Project, the parties to the Framework "resolve to achieve progress on these projects within six to eight months of the effective date of this Framework, and at latest by the time of the 2008 EU-U.S. Summit." Additionally, the Framework states "In light of the considerable differences that exist between financial market structure and regulation on both sides of the Atlantic, and given the consolidation underway globally and transatlantically in this sector, we resolve to take steps, towards the convergence, equivalence or mutual recognition, where appropriate, of regulatory standards based on high quality principles."
The full text of the Framework is available in a White House press release here.
