The London Stock Exchange welcomes the mandate give to CESR to determine 'equivalence' of accounting standards with IAS/IFRS. Resolution of this issue will provide non European issuers with the certainty they need in determining the most appropriate market for their capital raising requirements. The Exchange has called for CESR to adopt a qualitative approach where consideration on equivalence would be based on the level of general acceptance of third country GAAPs, in addition to consideration as to whether the GAAP is well codified and subject to a proper enforcement mechanism.
The original consultation is available at: http://www.cesr-eu.org/home_details.php?id=45