CESR consultation on national GAAP and IFRS

The Committee of European Securities Regulators (CESR) has issued a Consultation Paper on the equivalence of Chinese, Japanese and US GAAP to IFRS. The Paper includes draft conclusions on such equivalence. Responses are requested by February 25, 2008. CESR will consider the views received in developing its advice to the European Commission. The Commission plans to make its decisions by July 1, 2008 regarding the equivalence of third country (non-EU) GAAP under the Prospectus and Transparency Directives.