The Prospectus and Transparency Directives allow the issuers to use, under certain circumstances, accounting standards other than the EU-endorsed IFRS in their prospectuses and periodic reporting. The existing interim arrangement is soon expected to be replaced with a more permanent one, based on the recognition of certain of those accounting standards as “equivalent.” A conceptually similar process has been initiated in the US where the SEC has proposed to accept IFRS in regulatory filings by non-US issuers.

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