ASBJ comments on CESR 'equivalence' assessment

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05 Jan 2005

The Accounting Standards Board of Japan has submitted its (PDF 205k) to the Committee of European Securities Regulators' October 2004 Concept Paper on Equivalence of Certain Third Country GAAP and on Description of Certain Third Countries' Mechanisms for Enforcement of Financial Information.

CESR had developed the paper in response to a request from the European Commission for advice on equivalence of Canadian, Japanese, and United States GAAPs with IFRSs. The ASBJ's response suggests that:

The global assessment of the equivalence of third country GAAP should not be conducted on a basis of whether third country GAAP is identical to IAS/IFRS or not. Rather than that, the rationality underlying the differences should be considered.

You will find EFRAG's response in our news story of 4 January 2005.

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