Newsletter Jun 2007: Third-country accounts should be accepted in EU

PARIS – Third-country accounting rules should be accepted as equivalent to European standards where there are no significant differences between the two sets of rules, European Union securities regulators advised in late May. The Committee of European Securities Regulators (CESR), the Paris-based body of top investment market supervisors from EU countries that advises on securities regulation, suggested that national accounting standard setters in member states assess whether the generally accepted accounting principles, or GAAP, of a non-EU country are materially the same as the International Financial Reporting Standards (IFRS) used in the EU.