Press Release: The use of non-EU accounting standards on EU stock markets is extended for two more years

Following a positive vote of the European Securities Committee and a strong endorsement from the European Parliament on 24 October 2006, the European Commission has adopted measures extending by two years the transitional exemption granted to foreign companies presenting financial statements prepared in accordance with national accounting standards for the issuing of securities on EU stock markets. A decision on the equivalence of third-country Generally Accepted Accounting Principles (GAAPs) with International Financial Reporting Standards (IFRS) is expected to take place before the end of 2009.