March 7, 2008
Financial Services Agency

FSA issues Comments on ''CESR's advice on the equivalence
of Chinese, Japanese and US GAAPs - Consultation Paper''

The Financial Services Agency (FSA) issued a comment letter dated February 25 2008, regarding the consultation document ''CESR's advice on the equivalence of Chinese, Japanese and US GAAPs'', which was published on December 18, 2007, by the Committee of European Securities Regulators (CESR).

  • Note : In the European Union, third-country issuers will be required from 2009 to prepare and present financial statements based on the International Financial Reporting Standards (IFRSs) or the third country's GAAPs if these standards are equivalent to IFRSs. For this reason, the European Commission (EC) is to assess the equivalence of third-country GAAPs by the middle of this year. The CESR will give advice on the equivalence of third country GAAPs, as requested by the EC.

PDFAppendix : FSA Comment Letter to CESR Consultation Document (PDF:112KB)

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Financial Services Agency
Corporate Accounting and Disclosure Division, Planning and Coordination Bureau
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