CESR report cites 'concerns' about IFRSs

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05 Jun 2006

The Committee of European Securities Regulators (CESR) has published its report on (PDF 78k), which took place in CESR's offices in Paris on 20 February 2006. A wide range of securities industry representatives met with CESR to identify and discuss current major trends in the European wholesale markets and to assess whether any regulatory or supervisory implications exist.

One of the "main conclusions of the discussion by market participants" related to IFRSs:

There are concerns on International Financial Reporting Standards (IFRS), which seem to result in EU issuers seeking listings in non EU exchanges or in the "unregulated" EU markets in order to avoid the application of IFRS. The same applies to non-EU issuers, who are facing uncertainty on whether and when the European Commission is going to consider US, Canadian, and Japanese GAAP equivalent for the purposes of the Transparency Directive.

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