Press Release: Accounting: Commission adopts an ‘equivalence mechanism’ in relation to third country GAAPs

European Internal Market and Services Commissioner Charlie McCreevy has warmly welcomed the adoption on 21 December 2007 of a key Regulation by the Commission, following a favourable opinion of the European Parliament. This Regulation sets out the conditions on which third-country Generally Accepted Accounting Principles (GAAPs) can be found equivalent to International Financial Reporting Standards (IFRS) which are adopted by the EU.