The Committee of European Securities Regulators (CESR) has published a consultation paper on a mechanism for determining whether the generally accepted accounting principles (GAAP) of non-EU countries are equivalent to International Financial Reporting Standards (IFRS).

Unless a third country’s GAAP is determined to be equivalent to IFRS, it will not be acceptable from January 2009 as a basis for the financial statements of third country issuers whose securities are admitted to trading on a EU

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