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Japanese government submission on IFRS equivalence

  • European Union (old) Image

22 Dec 2004

Although all European companies listed on a European securities market are required to use IFRSs starting in 2005, non-European companies listed in Europe have been given a deferral on switching to IFRSs until 2007. Meanwhile, the European Commission is studying whether, after the deferral period, foreign companies should be allowed to continue to file using certain national GAAPs that are deemed to be equivalent to IFRSs.

In particular, the Commission has asked the Committee of European Securities Regulators (CESR) to assess the equivalence of three national GAAPs – Canadian, Japanese, and US – to IFRSs. In October 2004, CESR invited comments on a (PDF 289k) on Equivalence of Certain Third Country GAAP and on Description of Certain Third Countries' Mechanisms of Enforcement of Financial Information. The Concept Paper addresses how CESR would undertake the assessment of equivalency. Click to download the (PDF 82k) to the CESR Concept Release.

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