Brussels, April 22, SPA -- The European Union announced onFriday it reached a tentative agreement with the UnitedStates to streamline trans-Atlantic accounting standardsfor companies by 2009. Under the agreement, companies from the 25 EU nations willbe able to use their own International Financial ReportingStandards and no longer have to adapt to special U.S.standards by 2009. "Today's announcement is a sign of our common interest inreducing regulatory burden and related costs on business,"said EU Services Commissioner Charlie McCreevy. The agreement will eliminate the need for Europeancompanies to apply two sets of accounting standards to bein line with the U.S. Security and Exchange Commission.Adapting to the U.S. Generally Accepted AccountingPrinciples were considered a costly burden. "What we have announced today shows that we can achievereal progress through such constructive dialogue," saidMcCreevy in a statement from Washington, where he met withU.S. government officials.--mor1315 Local Time 1015 GMT www.spa.gov.sa/257037