CESR publishes a report requested by the EU Commission on the work programmes of the Canadian, Japanese and US standard setters, the definition of equivalence and the list of third country GAAPs which are currently used on the EU Capital Markets

On 1 April 2007 the European Commission will be submitting a first report to the European Securities Committee and the European Parliament on the definition that it will use to assess equivalence of Third Country GAAP and will report on the progress made by Canada, Japan and the US towards convergence with IFRS.

To assist in the preparation of this report the Commission previously asked the Committee of European Securities Regulators (CESR) to:

  • Provide a description of the work timetable of the Canadian, Japanese and US standard setters on the convergence between IFRS and the respective GAAP’s of these countries.
  • Provide a definition of equivalence.
  • Map in broad terms all the third country GAAP’s which are currently used in the EU regulated markets.

CESR has now published a paper setting out its advice on these issues.