Last week, the strategy working party of the International Accounting Standards Committee secured the agreement of US and European regulators for a new committee structure that paves the way for the creation of a single global standard setter.
Although the proposals have yet to be put to a larger vote, the American Securities and Exchange Commission, traditionally at odds with Europe, said it was 'delighted' with the results.
Leading finance directors and international accounting standards specialists said the move was an important step towards freeing up regulation governing globalisation.
At the moment, companies listing on the US stock market have to abide by US GAAP, which pushes up the cost of accessing capital markets.
This will come as a boost to companies such as GEC, which are seeking listings in more than one country. Soon be renamed Marconi, GEC, which is expected to announce interim profits of £276m today, will seek a listing in the US next year.
John Coombe, deputy chairman of the Hundred Group of finance directors and GlaxoWellcome FD, said: 'We want access to money in the most efficient way and need a single capital market and a single set of standards. This is a good step in the right direction and that is a GlaxoWellcome view and the view of the Accounting Standards Board.'
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