May 2014 IPTF Joint Meeting Highlights

The CAQ’s SEC Regulations Committee and International Practices Task Force (IPTF) meets periodically with the staff of the Securities and Exchange Commission (SEC) to discuss emerging technical accounting and reporting issues relating to SEC rules and regulations. These highlights summarize the issues discussed at this meeting: Venezuela currency issues; monitoring inflation in certain countries; status update on the staff’s study of the disclosure requirements in Regulation S-K as mandated by the Jumpstart Our Business Startups Act (JOBS Act); processing 12-month audit waiver requests directly through the Division of Corporation Finance (versus EDGAR or by transmittal letter); issues relating to Form 20-F, Item 7b Related Party Transactions; and staff observations regarding the use of International Financial Reporting Standards (IFRS) eXtensible Business Reporting Language (XBRL) Taxonomy by Foreign Private Issuers (FPIs).