25.9.2015   

EN

Official Journal of the European Union

L 249/3

(1)

Article 23(4) of Directive 2004/109/EC requires the Commission to set up a mechanism for the determination of the equivalence of the information required under this Directive. The Commission is required to adopt measures to establish general equivalence criteria regarding accounting standards relevant to issuers of more than one country. Article 23(4) of Directive 2004/109/EC also requires the Commission to take decisions in relation to the equivalence of accounting standards used by third country issuers, and enables the Commission to allow the use of third country accounting standards during an appropriate transitional period. Given the close interconnection of the information required under Directive 2004/109/EC with the information required under Directive 2003/71/EC, it is appropriate that the same criteria for determination of equivalence apply in the framework of both Directives.

(2)

Accordingly, Commission Regulation (EC) No 1569/2007 (3) laid down the conditions for acceptance of third country accounting standards for a limited period expiring on 31 December 2014.

(3)

The Commission evaluated the usefulness and functioning of the equivalence mechanism for a limited period of time and concluded that it should be extended until 31 March 2016. Since the period for which the Commission had put in place conditions for granting equivalence to the Generally Accepted Accounting Principles (GAAP) of third countries, expired on 31 December 2014, this Regulation should apply from 1 January 2015 and enter into force without delay. This is necessary in order to provide legal certainty to issuers from the relevant third countries listed in the Union and to avoid the risk that they might have to reconcile their financial statements with International Financial Reporting Standards (IFRS). The provision of retroactivity thus alleviates any potential additional burden on the issuers concerned.

(4)

Regulation (EC) No 1569/2007 should therefore be amended accordingly,

(a)

In paragraph 1 of Article 4 the date 31 December 2014 is replaced by the date 31 March 2016;

(b)

In point (a) of Article 4(1), the date 31 December 2014 is replaced by the date 31 March 2016;

(c)

In point (i) of Article 4(1)(a), the date 31 December 2014 is replaced by the date 31 March 2016;

(d)

In point (b) of Article 4(1), the date 31 December 2014 is replaced by the date 31 March 2016,