European Commission prolongs equivalence mechanism for third-country GAAPs
The European Commission (EC) has adopted two delegated regulations and one implementing decision to revise and update the EU’s IFRS Equivalence Mechanism. The series of documents are retroactively effective from 1 January 2012.
These instruments declare Chinese, Canadian, and South Korean GAAP as equivalent to IFRS. The transitional period for Indian GAAP is extended until 31 December 2014.
Further information can be found on the European Commission's equivalence/convergence page.