Earlier today, the SEC announced in a lengthy press release (http://www.sec.gov/news/press/2006/2006-130.htm) that it has entered into a joint work plan with the Committee of European Securities Regulators. This is further action to implement the International Financial Reporting Standards and US GAAP. The work plan also deals with IT issues, risk management and the modernization of financial reporting and disclosure.
The need for cooperation has been clear for several years, as foreign issuers dealt with financial reporting issues, such as reconciliation of their IFRS financials to US GAAP. The goal is for this to be eliminated by 2009, at the latest. The work plan also call for a review of dually listed issuers and the rules applicable to them.