CESR Equivalence of US, Chinese and Japanese GAAPs

SIFMA and International Capital Market Association (ICMA) provide comments to The Committee of European Securities Regulators (CESR) on the equivalence of U.S., Chinese and Japanese Generally Accepted Accounting Principles (GAAPs), Consultation Paper Ref.: CESR/07-761.  The groups support the idea of recognition of accounting standards; endorse the approach to accounting equivalence taken by the European Commission and CESR; and support the concrete application of the European Commission and CESR approach to U.S., Chinese and Japanese GAAP.