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.
View the full collection of IPTF Meeting highlights below. View accompanying discussion documents for monitoring inflationary data here.
Most Recent IPTF Meeting Highlights
Meeting notes
November 2020 IPTF
Topics covered:
- 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
- IFRS reconciliation under Rule 3-05
- Other Application of Reconciliation to IFRS
- Compliance with IAS 34 if comparative period information is not included
- Disclosure Requirements for interim financial statements of FPIs under the amendments to S-X Rule 3-10
- Impact of Regulation S-K Item 105 on a Form 20-F that is incorporated into Forms F-1, F-3, or F-4
July 2020 IPTF
Topics covered:
- 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
- Application of IAS 29 in new registration statements that include financial statements
- Impact of the changes to Rule 3-05 on financial statement requirements for a target in Forms S-4/F-4
November 2019 IPTF
Topics covered:
- Transition to Foreign Private Issuer (FPI) status of a foreign public shell immediately upon its reverse merger with a foreign operating company and basis of accounting reported by the operating company in conjunction with the transaction
- Impact on updating schedules such as Schedule 12-28 (real estate) for the application of IAS 29.
May 2019 IPTF
Topics covered:
- Reporting on certain types of financial statements prepared using IFRS, as issued by the IASB
- Omission of Comparative Financial Statements included in an SEC Filing for S-X Rule 3-09 purposes
- 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)
- Omission of Balance Sheet of Financial Statements included in an SEC filing for S-X 3-05 purposes
- Omission of Opening Balance Sheet for a Carve out under IFRS 1 included in an SEC filing for S-X 3-05 purposes
- Issues related to S-X 3-13 relief
- 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
- Acceptance of IFRS financial statements without reconciliation for a non-foreign business equity method investee when registrant uses IFRS
- Requirements for FASB ASC 932 disclosures in financial statements of a foreign target that uses IFRS
- Audit reports by a government auditor
November 2018 IPTF
Topics covered:
- Audit reports required for Canadian MJDS on Form 40-F
- Application of Rule 2-01(f)(5)(iii) to a non-public or confidential submission
- Application of FRM 6230.1 and 6230.2 to certain prospectus supplements of FPIs
- Audit reports for abbreviated financial statements of non-issuers
May 2018 IPTF
Topics covered:
- Discussion of 3-13 Waivers for Foreign Private Issuers
- Issues/practices around reporting on financial statement presentations that may not comply with IFRS presentation requirements
- Impact of the change in reporting currency when filing a New (or Amended) Registration Statement
- Change in auditor disclosure considerations when subject to shareholder’s approval
November 2017 IPTF
Topics covered:
- Use of General Instruction G accommodations upon making an unreserved statement of compliance with IFRS-IASB for the first time when Previous GAAP was substantially consistent with IFRS-IASB
- Adoption of IFRS in an interim period in relation to Regulation S-X, Rule 3-05 financial statements
- Application of the New Securities Act of Compliance and Disclosure Interpretations (CD&Is) to Foreign Private Issuers
- Interim financial statements to meet the Timeliness Requirements:
- Current published interim information to meet the requirements under Item 8.A.5 of Form 20-F
- Update on XBRL Implementation for IFRS Filers
May 2017 IPTF
Topics covered:
- Monitoring inflation in certain countries
- FAST Act amendments to the JOBS Act and IFRS reporting (lack of comparable period)
- XBRL IFRS Taxonomy
- Non-GAAP financial measures under IFRS
- Segment Information
- Other Measures on the Face of the Financial Statements
November 2016 IPTF
Topics covered:
- Monitoring Inflation in Certain Countries
- Transition Questions related to the New Leasing Standard IFRS 16
- Use of pre-acquisition and post-acquisition periods to satisfy the S-X Rule 3-05 requirements for other than initial registration statements
- Significant equity investee financial statements under S-X Rule 3-09
- Use of IFRS XBRL Taxonomy by FPIs