F-1 FIRST-TIME ADOPTION OF IFRS & SEC REPORTING REQUIREMENTS

Question 1

SEC REPORTING REQUIREMENTS

Q: Describe the Form 10-K and the Form 10-Q.

What level of assurance must be provided with the financial statements submitted in these forms?

FAR 1-47

Answer 1

Form 10-K: Filed annually by U.S. registered companies.

Includes a summary of financial data, MD&A, and audited financial statements prepared using U.S. GAAP.

Form 10-Q: Filed quarterly by U.S. registered companies. Includes unaudited (reviewed) financial statements, interim MD&A, and certain disclosures.
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Question 2

FIRST-TIME ADOPTION OF IFRS.

Q: What is the date of an entity’s transition to IFRS?

FAR 1-46

Answer 2

• The date of the opening balance sheet.