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The Netherlands’ biggest companies are asking their accountants not to apply US accounting rules too stringently, in order to reduce their bills, the Financieele Dagblad reports on Tuesday. The paper says telecom firm KPN and five other AEX companies have already met the big accountantcy firms asking for a ‘Dutch interpretation’ of the rules of the Sarbanes-Oxley Act.

They want the accountants to harmonise their approach to the US rules, which are currently open to different interpretations.

KPN says the most ‘optimal’ application of Sarbanes-Oxley would cut its accountancy bill by 30%. In 2005 the company spent €14.6m on accountants fees, the FD reports.

DutchNews.nl: Big firms want harmony on Sarbanes-Oxley

SEC officials are reviewing an accounting rule, which has been criticised by business groups as overly expensive.

For two weeks, SEC officials and the board that oversees the audit industry have been meeting and exchanging documents about the rule, which requires accountants to review corporate financial controls.

But SEC chairman, Christopher Cox,said an agreement remains days away, the Washington Post reported.

AccountancyAge:SEC reviews expensive Sarbox accounting rule