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.