CESR publishes its draft equivalency report
29 Apr 2005
The Committee of European Securities Regulators (CESR) has invited comments on its tentative conclusions that Canadian, Japanese, and US GAAP, taken as a whole, are "equivalent to IFRSs, subject to a number of additional disclosures" for the purpose of listings by non-European companies in European public securities markets.
European companies trading in European securities markets are required to start using IFRSs in 2005. Non-European companies are allowed to continue to use their national GAAPs until 2007. The European Commission is studying whether to allow Canadian, Japanese, and/or US GAAP to continue to be used after 2007 and has asked CESR for its views. The European Commission had also asked CESR to include, in its report on equivalence, a description of the enforcement mechanisms that are in place in each jurisdiction. The European Commission has asked to have CESR's final advice by 30 June 2005. CESR's comment deadline is 27 May 2005. CESR will hold an open hearing at its offices in Paris on the afternoon of 18 May 2005. Click to download: