European financial regulators have stirred up another international accounting controversy by suggesting that Japanese companies may have to file additional financial statements in the EU.
Japanese lobby groups claim that the burdens added by the recommendations from the Committee of European Securities Regulators could force Japanese companies out of the EU market, according to the Financial Times.
Paul Koster chairman of the CESR group that carried out the study defended its position, but conceded that the body needed to produce a clearer definition of what he thought were significant differences between the accounting standards.
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