CESR recommends Canadian and South Korean GAAPs as equivalent

19 May 2008

CESR proposes that Canadian and South Korean GAAPs be accepted in the EU until the end of 2011. CESR does not make any proposals in this advice regarding Indian GAAP as it is still in the process of obtaining information.

CESR proposes that Canadian and South Korean GAAPs be accepted in the EU until the end of 2011. CESR does not make any proposals in this advice 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 Canadian AcSB has made a public commitment in January 2006 to adopt International Financial Reporting Standards (IFRS) by 31 December 2011. The South Korean Financial Supervisory Commission (KFSC) and the Korea Accounting Institute (KAI) have made a public commitment in March 2007 to adopt IFRS by 31 December 2011 and there is publicly available information giving details of both the programme and the progress the South Korean Authorities are making to achieve it;

 

Press release

Final advice

3rd extract from EECS’s database of enforcement decisions

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