• European Commission Takes Formal Action on GAAP Equivalency
  • January 29, 2009 | Author: Mark S. Bergman
  • Law Firm: Paul, Weiss, Rifkind, Wharton & Garrison LLP - New York Office
  • As expected, the European Commission has formally confirmed that generally accepted accounting principles ("GAAP") of the United States and of Japan will be considered equivalent to International Financial Reporting Standards ("IFRS"), as adopted by the EU ("EU IFRS"), for purposes of satisfying the financial statement requirements of the EU Prospectus Directive and the EU Transparency Directive.