ESC votes to grant equivalence in relation to third country GAAPs

15 November 2008

The European Securities Committee supports the Commission proposals for granting equivalence to the Generally Accepted Accounting Principles of certain third countries as from next year.

The European Securities Committee supports the Commission proposals for granting equivalence to the Generally Accepted Accounting Principles of certain third countries as from next year. The proposals will now pass to Parliament and Council for formal opinions and then to the Commission for adoption.

 

The proposals which are made under the Prospectus Directive and Transparency Directive determine that the GAAPs of US, Japan, China, Canada, South Korea and India are found to be equivalent to IFRS as adopted by the EU. The Commission will review the situation of some of these - China, Canada, South Korea, India - by 2011 at the latest.

 

Press release

 

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