The requirement of using the IFRS as adopted in the European Union Regulation was enlarged, by means of the prospectus regulation, so that it should be applied to third country issuers proposing a public offer of securities in the EU and by means of the transparency directive, so that it should be applied to the third country issuers conducting securities transactions on the regulated community market. This directive provides that issuers must submit financial information in accordance with IFRS or accounting standards of the third country (third country GAAP Principles) that are "equivalent" to adopted IFRS.
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