News Article - 29 November 2007
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American companies with a listing in the EU should not be forced to follow International Financial Reporting Standards (IFRS), claims the EU internal market commissioner.

During a speech at the European Federation of Accountants conference in Brussels, Charlie McCreevy proposed that companies continue to file their accounts under Generally Accepted Accounting Principles(GAAP). The final decision will be taken next year, he said.

"It is certainly my intention to propose that no reconciliation to IFRS will be needed for companies filing their accounts under US GAAP," he explained.

"Our aim should be to establish a system based on mutual trust and mutual reliance."

Former chief accountant for the US Securities and Exchange Commission (SEC) Lynn Turner claimed a move to IFRS would be unsuccessful as the US industry was not ready, reports Accountancy Age.

The SEC recently announced a decision to allow foreign-based companies with stock listed in the US to file their accounts under IFRS, without having to reconcile to GAAP.

Article keywords: Britain's economy is under threat because maths skills are not being taught to high enough standards in schools and universities, a new report claims.<br/><br/>Thinktank Reform warns that government control of maths courses, a lack of emphasis in the UK on the value of mathematics and problems with leadership in the discipline have all caused standards to drop since the 1980s.<br/><br/><a href="http://www.access-accounts.com/accounts-software.aspx" target="_self"><a href="http://www.access-accounts.com/accounts-software.aspx" target="_self">Accounts software</a></a> can help businesses to substantially improve management of their finances and ensure that they meet <a href="http://www.access-accounts.com/" target="_self"><a href="http://www.access-accounts.com/" target="_self">accounting</a></a> responsibilities.<br/><br/>Elizabeth Truss, co-author of the report, explained: &quot;In today's Britain it is acceptable to say that you can't do maths, whereas people would be ashamed to admit they couldn't read. We need a cultural revolution to transform maths from geek to chic.&quot;<br/><br/>According to the right-of-centre thinktank, many firms in the City of London are now recruiting most of their maths graduates from overseas because UK standards have slipped so badly.<br/><br/>The report states that the failure to adequately teach maths in Britain has already cost the country's economy around &#163;9 million.<br/><br/>Commenting on the report, shadow education secretary Michael Gove said that exams in maths had become too easy and led candidates to solutions rather than &quot;requiring independent mathematical reasoning&quot;.

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