Brussels, 04/08/2006 (Agence Europe) - On 3 August, European internal market and services commissioner Charlie McCreevy welcomed the publication of a Work Plan between the Committee of European Securities Regulators (CESR) and the United States Securities Exchange Commission (SEC) that outlines concrete measures to facilitate transatlantic financial activity within a sound and protective framework. This Work Plan is an important step in bringing about operational and supervisory cooperation between regulators to ensure consistent enforcement of International Financial Reporting Standards (IFRS) and US GAAP, says a Commission press release. The Plan covers other areas, such as the modernisation of financial reporting and disclosure and the discussion of risk management practices. Mr McCreevy said, “It is also an important step within the roadmap towards eliminating the need for reconciliation between IFRS and US GAAP. It remains crucial that regulators continue to work together to avoid any conflicting regulatory decisions on the application of IFRS”. (The roadmap drawn up by the SEC is due to end in 2009 at the latest.)