Exploring Corporate Governance Around the World

By Allison Garrett, Senior Vice President for Academic Affairs at Oklahoma Christian University

Monday, April 21, 2008

Convergence of GAAPs

The Committee of European Securities Regulators recently published its advice to the European Commission regarding the
"equivalence of Chinese, Japanese and US GAAP." The document recommends that the Commission:
1. Find US GAAP equivalent to IFRS for European markets;
2. Generally consider Japanese GAAP equivalent, provided the Accounting Standards Board of Japan follows the timetable set forth in the Tokyo Agreement; and
3. Wait to decide on Chinese GAAP until there is more evidence on whether issuers are using it.

Maybe this is the anti-SOX. SOX guaranteed full employment for accountant and this helps them avoid overwork from restating financials to comply with GAAP of other countries.


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