CESR Launches A Consultation On Its Draft Advice To The Commission On Canadian And South Korean GAAPs, And Invites Comments By 25 April

CESR provides in this advice details of its work and conclusions concerning certain third country GAAPs in accordance with a mandate from the European Commission.

This document addresses CESR’s work concerning a potential decision on the equivalence of the accounting standards of two of those countries namely Canada and South Korea. CESR does not make any proposals in this Consultation Paper regarding Indian GAAP as it is still in the process of obtaining information about the situation regarding the use of IFRS in that country. The European Commission’s deadline to CESR for delivering advice on Indian GAAP is later than that for its advice on Canada and South Korea (9 May as opposed to 25 April).

Within CESR, the operational group CESR-Fin chaired by Fernando Restoy, executive board member of the Spanish CNMV, has been charged with fulfilling the EC’s request.

CESR welcomes comments to this advice by 25 April. Please submit your answer online, in the section Consultations.