CESR Consultation Paper on GAAP equivalence

The Committee of European Securities Regulators (CESR) has published a Press Release and Consultation Paper on the mechanism for determining the equivalence of the generally accepted accounting principles of third countries. The Prospectus Directive and Regulation (“the prospectus regime”) and the Transparency Directive will require the European Commission to establish by mid 2008 whether a given third country GAAP is equivalent to IFRS.