CAQ Releases IPTF Meeting Highlights

The Center for Audit Quality (CAQ) has posted to its Web site highlights of the May 21, 2024, meeting between the CAQ SEC Regulations Committee’s International Practices Task Force (IPTF) and the SEC staff. Topics discussed at the meeting included:

• Considerations related to presenting and disclosing non-GAAP measures under IFRS 18.
• Transition from IFRS Accounting Standards to U.S. GAAP, and from foreign private issuer to domestic forms, in quarters in which a voluntary change is made to a domestic regime.
• Whether, in applying the guidance in SAB Topic 4.C on a change in capital structure, “an IFRS company in the process of an IPO must revise the historical financial statements to reflect a completed stock split prior to the financial statement issuance for the period of the stock split, or whether the stock split could or should be reflected through the use of pro forma financial information outside of the financial statements.”
• Observations related to the SEC staff’s May 2024 statement on IFRS 19 (on reduced disclosure requirements for subsidiaries without public accountability).
• Exemptive relief for registrants affected by suspension of the audit firm BF Borgers.