Notes from IPTF meeting with SEC staff

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08 Jun 2010

The International Practices Task Force (IPTF) of the AICPA's Center for Audit Quality meets periodically with the staff of the SEC to discuss emerging financial reporting issues relating to SEC rules and regulations.

The IPTF has posted the Final Highlights of the November 24, 2009 Joint Meeting of the IPTF and the SEC Staff (PDF 139k). A number of the topics discussed relate to IFRSs. Here is the complete list:
  1. Issues related to Venezuela
  2. Monitoring inflation in certain countries
  3. SEC reporting implications: A foreign private issuer that uses US GAAP and the reporting of accounting changes that require retrospective application
  4. SEC reporting implication: A foreign private issuer issues a complete set of interim financial statements prepared in accordance with IFRS-IASB
  5. SEC reporting implications: Restatement of previously issued IFRS-IASB financial statements for IFRS 3R purchase price adjustments
  6. Application of ASC 855, Subsequent Events to Financial statements of certain Foreign Private Issuers and certain financial statements filed pursuant to S-X Rule 3-05 and Rule 3-09
  7. SMEs for financial statements of S-X Rule 3-05 and Rule 3-09 of foreign businesses
  8. Selected financial data for IFRS-IASB issuers
  9. Applying the Item 17 price level changes accommodation to highly inflationary economies as defined under MFRS
  10. Foreign private issuers that voluntarily file using domestic forms
  11. Canadian registrants and adoption of IFRS


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