Maｙ 11, 2007
Financial Services Agency
Government of Japan

Comments on ''CESR's technical advice on a mechanism for determining the equivalence of the generally accepted accounting principles of third countries''

1. The Financial Services Agency (FSA) sent a comment letter dated May 8 2007, regarding the consultation document ''CESR's technical advice on a mechanism for determining the equivalence of the generally accepted accounting principles of third countries'', which was published on April 17, 2007, by the Committee of European Securities Regulators (CESR).
2. In the European Union, third country issuers will be required from 2009 to prepare and present financial statements on the basis of IFRS or the third country's national accounting standards if these standards are equivalent to IFRS. For this reason, the European Commission will assess equivalence of third country GAAPs. CESR will give technical advice on the mechanism for determining the equivalence of third country GAAPs, as requested by the EC.
3. CESR will assess the responses received and revise its proposal if necessary, and expects to submit their final advice to the EC at around the end of May.

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Appendix 1	:	JFSA Comment Letter to CESR Consultation Document (PDF:44KB)
Appendix 2	:	CESR's technical advice on a mechanism for determining the equivalence of the generally accepted accounting principles of third countries (PDF:105KB)