CAQ Publishes Highlights of IPTF’s May 2023 Meeting With SEC Staff

The Center for Audit Quality has published highlights of the May 10, 2023, meeting of the International Practices Task Force (IPTF) with the SEC staff. Topics discussed at the meeting included:

• Effect of “a loss in FPI status on disclosures required under Item 302(a) of Regulation S-K.”
• Changes in a registrant’s certifying accountants.
• Narrative descriptions of differences between IFRS Accounting Standards® and local GAAP.
• “Applicability of EGC [a]ccommodation regarding accounting policy transition when FPI EGC loses FPI [s]tatus.”
• Requirements for foreign business acquirees with respect to interim financial statements.
• “Risk factor disclosure in an existing registration statement and in a new registration statement.”
• “Applicability of FRM 2200.8 in a merger transaction on Form F-4 when the target is a non-accelerated domestic registrant.”

The next IPTF meeting is scheduled for November 9, 2023.