Document ID: 02008D0961-20150101
Language: ENG

02008D0961 — EN — 01.01.2015 — 002.001
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<table><col/><col/><tr><td><p><a>&#9658;B</a></p></td><td><p>                        COMMISSION DECISION</p><p>of 12 December 2008</p><p>on the use by third countries&#8217; issuers of securities of certain third country&#8217;s national accounting standards and International Financial Reporting Standards to prepare their consolidated financial statements</p><p>(notified under document number C(2008) 8218)</p><p>(Text with EEA relevance)</p><p><a>(2008/961/EC)</a></p><p>(OJ L 340 19.12.2008, p. 112)</p></td></tr></table>
Amended by:
<table><col/><col/><col/><col/><col/><tr><td><p>&#160;</p></td><td><p>&#160;</p></td><td><p>Official Journal</p></td></tr><tr><td><p>&#160;&#160;No</p></td><td><p>page</p></td><td><p>date</p></td></tr><tr><td><p><a>&#9658;M1</a></p></td><td><p><a>                              COMMISSION IMPLEMENTING DECISION                           &#160;of 11 April 2012</a></p></td><td><p>&#160;&#160;L&#160;103</p></td><td><p>49</p></td><td><p>13.4.2012</p></td></tr><tr><td><p><a>&#9658;M2</a></p></td><td><p><a>                              COMMISSION IMPLEMENTING DECISION (EU) 2015/1612&#160;of 23 September 2015</a></p></td><td><p>&#160;&#160;L&#160;249</p></td><td><p>26</p></td><td><p>25.9.2015</p></td></tr></table>
COMMISSION DECISION
of 12 December 2008
on the use by third countries’ issuers of securities of certain third country’s national accounting standards and International Financial Reporting Standards to prepare their consolidated financial statements
(notified under document number C(2008) 8218)
(Text with EEA relevance)
(2008/961/EC)
Article 1
From 1 January 2009, in addition to IFRS adopted pursuant to Regulation (EC) No 1606/2002, with regard to annual consolidated financial statements and half-yearly consolidated financial statements, the following standards shall be considered as equivalent to IFRS adopted pursuant to Regulation (EC) No 1606/2002:
(a) International Financial Reporting Standards, provided that the notes to the audited financial statements contain an explicit and unreserved statement that these financial statements comply with international financial reporting standards in accordance with IAS 1 Presentation of financial statements ;
(b) Generally Accepted Accounting Principles of Japan;
(c) Generally Accepted Accounting Principles of the United States of America.
From 1 January 2012, with regard to annual consolidated financial statements and half-yearly consolidated financial statements, the following standards shall be considered as equivalent to IFRS adopted pursuant to Regulation (EC) No 1606/2002:
(a) Generally Accepted Accounting Principles of the People’s Republic of China;
(b) Generally Accepted Accounting Principles of Canada;
(c) Generally Accepted Accounting Principles of the Republic of Korea.
Third country issuers shall be permitted to prepare their annual consolidated financial statements and half-yearly consolidated financial statements in accordance with the Generally Accepted Accounting Principles of the Republic of India for financial years starting before 1 April 2016 .
Article 1a
The Commission shall continue to monitor, with the technical assistance of the CESR, the efforts made by third countries towards a changeover to IFRS and pursue an active dialogue with authorities during the convergence process. The Commission shall submit a report on progress made in this regard to the European Parliament and the European Securities Committee (ESC) during 2009. The Commission shall also report expeditiously to Council and the European Parliament if situations arise where EU issuers in the future are required to reconcile their financial statements to the national GAAP of the foreign jurisdiction concerned.
Article 1b
The dates announced publicly by third countries in relation to a changeover to IFRS shall serve as reference dates for the abolition of equivalence recognition for those third countries.
Article 2
Decision 2006/891/EC shall be repealed with effect from 1 January 2009.
Article 3
This Decision is addressed to the Member States.
<note>
( 1 ) OJ L 390, 31.12.2004, p. 38.
( 2 ) OJ L 243, 11.9.2002, p. 1.
( 3 ) OJ L 343, 8.12.2006, p. 96.
( 4 ) OJ L 340, 22.12.2007, p. 66.
( 5 ) OJ L 149, 30.4.2004, p. 1. Corrected by OJ L 215, 16.6.2004, p. 3.
</note>