Meeting Highlights

November 2013 IPTF Joint Meeting Highlights

Tuesday, November 19, 2013

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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: financial reporting requirements when a Foreign Private Issuer (FPI) changes its basis of accounting from International Financial Reporting Standards (IFRS) to US Generally Accepted Accounting Principles (GAAP); non-GAAP measures for mining companies, including by-product credits within the determination of “cash cost”; monitoring inflation in certain countries; adoption of IFRS 11 Joint Arrangements, and application of Regulation S-X, Rule 3-09; satisfying the Registration Statement Requirements for Restated Financial Statements with IFRS-International Accounting Standards Board (IASB) financial information; and staff observations regarding the use of IFRS eXtensible Business Reporting Language (XBRL) Taxonomy by FPIs.