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CAQ releases highlights of November 2015 meeting between IPTF and SEC staff

  • CAQ (US Center for Audit Quality) Image

Feb 12, 2016

The Center for Audit Quality (CAQ) has released the highlights of the November 17, 2015, joint meeting between the SEC staff and the CAQ’s SEC Regulations Committee and International Practice Task Force (IPTF).

Topics discussed at the meeting included:

  • Monitoring inflation in certain countries and determining “highly inflationary” status on the basis of the International Monetary Fund’s World Economic Outlook database as of October 2015.
  • Requirements in Regulation S-K 512(a)(4) related to “keeping current” in an F-4 exchange offer.
  • Preparing pro forma financial information in cross-border mergers that are accounted for as reverse acquisitions.
  • Including in the registration statement interim financial information that covers a more current period and updating MD&A and any pro forma information.
  • Presenting a foreign private issuer’s (FPI’s) selected financial data upon its retrospective adoption of the new revenue standard.
  • SEC staff observations about an FPI’s use of the IFRS XBRL taxonomy.

For more information, see the meeting highlights on the CAQ’s Web site.

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