CESR proposal for assessing IFRS 'equivalence'
06 Jun 2007
The Committee of European Securities Regulators (CESR) has submitted to the European Commission recommendations for a mechanism for determining the equivalence of the generally accepted accounting principles of third countries (non-EU countries) to IFRSs as adopted in the EU.
The key elements in CESR's proposal are:
In addition to its proposed mechanism for determining equivalence, CESR suggests the European Commission considers extending the existing transitional measures for those GAAPs currently converging to IFRS if certain conditions are met. Should the Commission adopt such transitional measures, CESR would recommend they not be extended beyond 2012. A CESR study earlier this year found that at least 33 different non-EU national GAAPs are used on EU regulated exchanges. Click to download:
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- CESR's Recommendations for Equivalence Assessment (PDF 141k)
- Press Release (PDF 68k)