CESR addresses equivalence of GAAP of third countries to IFRS

In accordance with the mandate of the European Commission, the Committee of European Securities Regulators (CESR) has published its advice on a mechanism for determining equivalence of the generally accepted accounting principles of third countries to IFRS. CESR also suggests the European Commission consider extending the existing transitional measures for those countries currently converging to IFRS, if certain conditions are met. Should the Commission adopt such transitional measures, CESR recommends they not be extended beyond 2012. The press release and final advice are available online.