international reporting issues - sec.gov · include interpretation of the financial reporting and...
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INTERNATIONAL REPORTING ISSUES
Craig Olinger
Jill Davis National Conference on Current
SEC & PCAOB Developments December 4, 2012
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The Securities and Exchange Commission, as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees. Therefore, the views expressed today are my own, and do not necessarily reflect the views of the Commission or the other members of the staff of the Commission.
Disclaimer
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Craig C. Olinger
Craig C. Olinger has served as a Deputy Chief Accountant of the Securities and Exchange Commission's Division of Corporation Finance since 1997. He is currently serving as Acting Chief Accountant of the Division. His responsibilities include interpretation of the financial reporting and disclosure requirements for public companies as well as oversight of financial reporting matters affecting foreign registrants. He serves as an observer to the AICPA International Practices Task Force. Prior to joining the SEC in 1986 he was employed by Price Waterhouse. Mr. Olinger received his M.A.S. from the University of Illinois and his B.S. from Lebanon Valley College. He is a member of the AICPA.
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Jill S. Davis
Jill S. Davis has served as an Associate Chief Accountant of the Securities and Exchange Commission's Division of Corporation Finance since 2009. Her responsibilities include interpretation of the financial reporting and disclosure requirements for public companies as well as financial reporting matters affecting foreign registrants. She served as an Accounting Branch Chief in the Division’s Office of Natural Resources. She also serves as an observer to the AICPA International Practices Task Force. Prior to joining the SEC in 1997 she was employed at a public company and before that was employed by KPMG. Ms. Davis received her B.S. from Skidmore College. She is a member of the AICPA.
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Overview
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Foreign Private Issuers
Canada 340 Islands 270 Europe 110 Asia Pacific 90 Israel 70 Central and South America 55 Other 30 Total 965
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Division of Corporation Finance
Review Process
Confidential Draft Submissions
Dual-listed Companies
Emerging Growth Companies
JOBS Act FAQs
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IFRS Frequent Comment Areas
Financial instruments
Financial statement presentation
Provisions & contingent liabilities
Impairment of assets
Consolidation, Associates & JVs
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IFRS Frequent Comment Areas
Revenue recognition
Operating segments
Income taxes
Business combinations
First-time adoption of IFRS
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First-time Adoption of IFRS
Statement of Compliance with IFRS as Issued by the IASB
Going Concern Language
Selected Financial Data
MD&A Disclosures
XBRL
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Other Reporting Issues
Transition - IFRS 10, 11, and 12
First-time Adoption - Revised Definition
Arrangements with Inflation Adjustments
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Resources
Division of Corporation Finance
review process http://www.sec.gov/divisions/corpfin/cffilin
greview.htm
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Resources
Financial Reporting Manual page Topic 6: Foreign Private Issuers &
Foreign Businesses http://sec.gov/divisions/corpfin/cffinanc
ialreportingmanual.shtml IFRS Work Plan page http://www.sec.gov/spotlight/globalaccounting
standards.shtml
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Resources
Foreign Issuer page http://www.sec.gov/divisions/corpfin/ cfforeignissuers.shtml Jumpstart Our Business Startups Act
Frequently Asked Questions page http://www.sec.gov/divisions/corpfin/guidance/
cfjjobsactfaq-title-i-general.htm
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Resources
Confidential Draft Submissions pages http://www.sec.gov/divisions/corpfin/cfannounc
ements/drsfilingprocedures.htm
http://www.sec.gov/divisions/corpfin/cfannouncements/draftregstatements.htm
http://www.sec.gov/divisions/corpfin/internatl/nonpublicsubmissions.htm
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Conclusion
Questions?