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The Japanese FSA issued a comment on the CESR advice on the equivalence of Chinese, Japanese and US GAAP.
The FSA is supportive of CESR’s holistic approach in the current EU contexts. The FSA notes that the Accounting Standard Board of Japan already accepts, without reconciliation, financial reports from EU issuers using the EU version of the International Financial Reporting Standards.
Therefore, the FSA takes the view that the Japanese GAAP should be considered as an equivalent to the IFRS, without being conditioned to further evidence on convergence progress, as is the case with the US GAAP..