CAQ Publishes Highlights of IPTF’s May and November 2022 Meetings With SEC Staff

The Center for Audit Quality (CAQ) has released highlights of the May 2022 and November 2022 meetings of its International Practices Task Force (IPTF) with the SEC staff. Topics discussed at the May 2022 meeting included:

• “Applicability of FRM 2200.8 in a merger transaction on Form F-4 when the target is a non-accelerated domestic registrant.”
• “Age of financial statements of an acquiree that is not a foreign business in the filing of a Foreign Private Issuer (FPI).”
• Whether FPIs can “apply FRM 1370 as a basis for preparing a combined annual report on Form 20-F.”
• Whether a foreign target’s financial statements in an F-4 can be reconciled to IFRS/IASB standards.
• “Observations regarding ‘China-related’ comment letters.”

Topics addressed at the November 22 meeting included:

• “Applicability of FRM 2200.8 in a merger transaction on Form F-4 when the target is a non-accelerated domestic registrant.”
• Considerations related to implementation of IFRS 17, Insurance Contracts.
• Requirements related to interim financial statements for foreign business acquirees.
• Presentation in Schedule I of registrants’ investments in consolidated subsidiaries.

For more information, see the May 2022 and November 2022 meeting highlights on the CAQ’s Web site.