Symbol

SubscribeBar

Stay Connected.

The CAQ’s International Practices Task Force (IPTF) meets periodically with staff of the Securities and Exchange Commission to discuss emerging technical accounting and reporting issues relating to SEC rules and regulations. The CAQ publishes highlights from each meeting that summarize the issues discussed.


Meeting Highlights | IPTF, August 1996

Meeting Highlights | IPTF, December 1996

Meeting Highlights | IPTF, April 1996

Meeting Highlights | IPTF, December 1997

Meeting Highlights | IPTF, November 1998

Meeting Highlights | IPTF, May 1998

Meeting Highlights | IPTF, November 1999

Meeting Highlights | IPTF, April 1999

Meeting Highlights | IPTF, November 2000

Meeting Highlights | IPTF, May 2000

Meeting Highlights | IPTF, May 2001

Meeting Highlights | IPTF, November 2002

Meeting Highlights | IPTF, May 2002

November 2003 IPTF Joint Meeting Highlights

Meeting Highlights | IPTF, November 2003

Meeting Highlights | IPTF, July 2003

November 2004 IPTF Joint Meeting Highlights

Meeting Highlights | IPTF, November 2004

September 2004 IPTF Joint Meeting Highlights

Meeting Highlights | IPTF, September 2004

Meeting Highlights | IPTF, July 2004

Meeting Highlights | IPTF, March 2004

November 2005 IPTF Joint Meeting Highlights

Meeting Highlights | IPTF, November 2005

Meeting Highlights | IPTF, July 2005

Meeting Highlights | IPTF, May 2005

Meeting Highlights | IPTF, March 2005

November 2006 IPTF Joint Meeting Highlights

Meeting Highlights | IPTF, November 2006

Meeting Highlights | IPTF, March 2006

Meeting Highlights | IPTF, April 2007

Meeting Highlights | IPTF, November 2008

November 2009 IPTF Joint Meeting Highlights

Meeting Highlights | IPTF, November 2009

Meeting Highlights | IPTF, July 2009

Meeting Highlights | IPTF, May 2009

November 2010 IPTF Joint Meeting Highlights

Meeting Highlights | IPTF, November 2010

Meeting Highlights | IPTF, May 2010

November 2011 IPTF Joint Meeting Highlights

Meeting Highlights | IPTF, November 2011

Meeting Highlights | IPTF, May 2011

November 2012 IPTF Joint Meeting Highlights

Meeting Highlights | IPTF, November 2012

Meeting Highlights | IPTF, May 2012

November 2013 IPTF Joint Meeting Highlights

Meeting Highlights | IPTF, November 2013

Meeting Highlights | IPTF, November 2014

Meeting Highlights | IPTF, November 2014

Meeting Highlights | IPTF, May 2014

Meeting Highlights | IPTF, May 2014

Meeting Highlights | IPTF, November 2015

Meeting Highlights | IPTF, May 2015

Meeting Highlights | IPTF, May 2015

Topics covered:
<ul>
<li>Monitoring Inflation in Certain Countries</li>
<li>Transition Questions related to the New Leasing Standard IFRS 16</li>
<li>Use of pre-acquisition and post-acquisition periods to satisfy the S-X Rule 3-05 requirements for other than initial registration statements</li>
<li>Significant equity investee financial statements under S-X Rule 3-09</li>
<li>Use of IFRS XBRL Taxonomy by FPIs</li>
</ul>

Meeting Highlights | IPTF, November 2016

Meeting Highlights | IPTF, May 2016

Meeting Highlights | IPTF, November 2017

Topics covered:
<ul>
<li>Monitoring inflation in certain countries</li>
<li>FAST Act amendments to the JOBS Act and IFRS reporting (lack of comparable period)</li>
<li>XBRL IFRS Taxonomy</li>
<li>Non-GAAP financial measures under IFRS
<ul>
<li>Segment Information</li>
<li>Other Measures on the Face of the Financial Statements</li>
</ul>
</li>
</ul>

Meeting Highlights | IPTF, May 2017

Topics covered:
<ul>
<li>Audit reports required for Canadian MJDS on Form 40-F</li>
<li>Application of Rule 2-01(f)(5)(iii) to a non-public or confidential submission</li>
<li>Application of FRM 6230.1 and 6230.2 to certain prospectus supplements of FPIs</li>
<li>Audit reports for abbreviated financial statements of non-issuers</li>
</ul>

Meeting Highlights | IPTF, November 2018

Topics covered:
<ul>
<li>Discussion of 3-13 Waivers for Foreign Private Issuers</li>
<li>Issues/practices around reporting on financial statement presentations that may not comply with IFRS presentation requirements</li>
<li>Impact of the change in reporting currency when filing a New (or Amended) Registration Statement</li>
<li>Change in auditor disclosure considerations when subject to shareholder’s approval</li>
</ul>

Meeting Highlights | IPTF, May 2019

Meeting Highlights | IPTF, November 2019

Topics covered:
<ul>
<li>Reporting on certain types of financial statements prepared using IFRS, as issued by the IASB
<ul>
<li>Omission of Comparative Financial Statements included in an SEC Filing for S-X Rule 3-09 purposes</li>
<li>Reporting on a Statement of Assets Acquired and Liabilities Assumed and Revenue and Direct Expenses of a segment of a business or a product line acquired (i.e., abbreviated financial statements)</li>
<li>Omission of Balance Sheet of Financial Statements included in an SEC filing for S-X 3-05 purposes</li>
<li>Omission of Opening Balance Sheet for a Carve out under IFRS 1 included in an SEC filing for S-X 3-05 purposes</li>
</ul>
</li>
<li>Issues related to S-X 3-13 relief
<ul>
<li>Reporting requirements under S-X 3-05 for a private U.S. domestic entity (“Domestic Business”) that is acquired by a FPI where the application of the rules would indicate the Domestic Business would be required to present more years and periods of financial statements than the registrant</li>
<li>Acceptance of IFRS financial statements without reconciliation for a non-foreign business equity method investee when registrant uses IFRS</li>
</ul>
</li>
<li>Requirements for FASB ASC 932 disclosures in financial statements of a foreign target that uses IFRS</li>
<li>Audit reports by a government auditor</li>
</ul>

Topics covered:
<ul>
<li>SPACs and pro forma presentation – Updating requirements when more recent information is released by a domestic SPAC, but not the to-be-acquired foreign operating entity</li>
<li>IFRS reconciliation under Rule 3-05</li>
<li>Other Application of Reconciliation to IFRS</li>
<li>Compliance with IAS 34 if comparative period information is not included</li>
<li>Disclosure Requirements for interim financial statements of FPIs under the amendments to S-X Rule 3-10</li>
<li>Impact of Regulation S-K Item 105 on a Form 20-F that is incorporated into Forms F-1, F-3, or F-4</li>
</ul>

Meeting Highlights | IPTF, November 2020

Topics covered:
<ul>
<li>Issues relating to consents, including requirements for consents to be signed by individual partners when they are named (explicitly or via permit number) in the audit report, and the impact of other practical issues</li>
<li>Application of IAS 29 in new registration statements that include financial statements</li>
<li>Impact of the changes to Rule 3-05 on financial statement requirements for a target in Forms S-4/F-4</li>
</ul>

Meeting Highlights | IPTF, July 2020

<ul>
<li>Considerations when a registrant provides interim financial information in a registration statement solely to comply with Form 20-F Item 8.A.5</li>
<li>The requirements for disclosure of changes in a registrant’s certifying accountant in an IPO or SPAC merger where only a statutory audit has historically been performed (perhaps under a different basis of accounting and/or different auditing standards were used)</li>
<li>SEC staff observations re comment letters on China-based registrants</li>
</ul>

Meeting Highlights | IPTF, November 2021

Topics covered:
<ul>
<li>Updating annual financial statements for retrospective accounting that is first reflected in interim financial statements or interim financial information</li>
<li>IFRS 1 adoption at the beginning of the one-year only financial statements in a confidential IPO submission (DRS)</li>
<li>Missing comparative for interim period when interim financial information is voluntary in a confidential IPO submission (DRS)</li>
<li>Risk factor disclosure in an existing registration statement and in a new registration statement</li>
<li>FPI Transactions involving SPACs</li>
</ul>

Meeting Highlights | IPTF, May 2021

Topics covered:
<ul>
<li>Considerations when a registrant provides interim financial information in a registration statement solely to comply with Form 20-F Item 8.A.5</li>
<li>The requirements for disclosure of changes in a registrant’s certifying accountant in an IPO or SPAC merger where only a statutory audit has historically been performed (perhaps under a different basis of accounting and/or different auditing standards were used)</li>
<li>SEC staff observations re comment letters on China-based registrants</li>
</ul>