CESR consultation on equivalence of Indian GAAP and IFRS

The Committee of European Securities Regulators (CESR) has conducted an assessment of the program to converge existing Indian Accounting Standards with IFRS, focusing in particular on whether the program is comprehensive and capable of being completed before December 31, 2011. It has issued a Consultation Paper setting out details of its work and conclusions concerning the equivalence of Indian GAAP in accordance with a mandate from the European Commission. Respondents are invited to send their comments via CESR's website under the section Consultations. CESR expects to submit the final advice to the Commission in early November 2008.