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There has been much discussion surrounding the transition from US GAAP to International Financial Reporting Standards (IFRS). As we sit today, there is still no definitive answer, but Mayer Hoffman McCann is following the ongoing discussions so we can be prepared and keep our clients informed, as well as work with companies already filing under IFRS. During this course, Keith Peterka of MHM's IFRS Solutions Group will discuss the current status of global standard setting as well as what’s happening in convergence between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). He will also talk about how IFRS differs from US GAAP on various topics.
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EXECUTIVE EDUCATION SERIES: IFRS - Global Standard Setting and
What’s Happening at the IASB
Presented by: Keith Peterka
May 16, 2013
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To view this webinar in full screen mode, click on view options in the upper right hand corner.
Click the Support tab for technical assistance.
If you have a question during the presentation, please use the Q&A feature at the bottom of your screen.
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Before We Get Started…
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This webinar is eligible for CPE credit. To receive credit, you will need to answer periodic polling questions throughout the webinar.
External participants will receive their CPE certificate via email immediately following the webinar.
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CPE Credit
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The information in this Executive Education Series
course is a brief summary and may not include all the details relevant to your situation.
Please contact your MHM service provider to further
discuss the impact on your financial statements.
Disclaimer
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Today’s Presenter
Keith Peterka, CPA Shareholder 610.866.2274 | [email protected] With more than 18 years of experience in public accounting, Keith performs national firm responsibilities for IFRS, fair value accounting and auditing, revenue recognition and business combinations. He is a member of the MHM SEC taskforce in charge of updating the Firm’s SEC Audit Methodology. Additionally, he is a subject matter expert for IFRS, SEC reporting and fair value accounting in MHM’s Professional Standards Group. He also is a member on the IFRS Foundation's Small & Medium-sized Entities (SMEs) Implementation Group.
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Today’s Agenda
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Status Update on FASB/IASB Convergence
SEC’s Role in International Convergence
Accounting Standards Advisory Forum
2013 IASB Developments
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U.S. has been at the forefront of the Convergence SEC, AICPA, FASB, etc.
The FASB and the IASB have been formally working together toward convergence since 2002. Norwalk Agreement issued in 2002. Memorandum of Understanding (MoU) issued in 2006 —
updated in 2008 and 2010.
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International Convergence Status
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What’s been accomplished?
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FASB/IASB Convergence Status
Convergence projects
•Business combinations •Non-controlling interest •Fair value
Non-convergence projects
• Borrowing cost • Correction of errors • Discontinued ops • Inventory cost • Segment reporting • Share-based
compensation
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What’s left to be accomplished – Convergence Projects?
Revenue Recognition – Final standard in 2013 Lease Accounting – Revised exposure draft Fair Value – Conducting this project in three phases:
1. Accounting for credit losses 2. Recognition and measurement of financial instruments 3. Hedge accounting
Insurance Accounting
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FASB/IASB Convergence Status - Continued
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What else is left to be accomplished?
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FASB/IASB Convergence Status - Continued
Common Control Entities
Impairment of Nonfinancial Assets
Extractive Industries
Research and Development Activities
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Elimination of US GAAP reconciliation for FPIs 2008: “Roadmap” for US registrants 2010: Incorporating IFRS into the US Financial System 2011: Analysis of IFRS in practice 2011: Comparison of IFRS and US GAAP 2012: Final staff report What’s next?
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SEC’s Role in Convergence
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The ASAF is an advisory group to the International
Accounting Standards Board (IASB), consisting of national accounting standard-setters and regional bodies with an interest in financial reporting.
Principal purpose is to provide technical advice and feedback to the IASB.
Will be chaired by the IASB with an initial membership of: Africa Asia – Oceania Europe The Americas
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Accounting Standards Advisory Forum (ASAF)
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Timeline of establishment
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Accounting Standards Advisory Forum
February 2013: Proposal to establish
the ASAF and call for nominations
April: Established
the MOU
April 23: First
meeting
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IFRS 10 & 11 effective in January IASB Forum January 2013 on Disclosures IFRS for SMEs Comprehensive Review Rate Regulated Activities Interpretations Committee – Accounting for Levies
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Significant IASB Activities for 2013
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Questions?
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Join us for these related EES courses: Aug. 22: IFRS and the AICPA’s Private Company
Framework Sept. 26: IFRS – Goodwill Impairment Nov. 21: IFRS – Leases, provisions, contingent assets and
liabilities
Read these related MHM Messengers: 1-13: AICPA’s Annual SEC/PCAOB Current Events
Conference Recap 14-12: The SEC’s Report on IFRS - Steps Companies Can
Take Now
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If You Enjoyed This Webinar…
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Today’s Presenter
Keith Peterka, CPA Shareholder 610.866.2274 | [email protected] With more than 18 years of experience in public accounting, Keith performs national firm responsibilities for IFRS, fair value accounting and auditing, revenue recognition and business combinations. He is a member of the MHM SEC taskforce in charge of updating the Firm’s SEC Audit Methodology. Additionally, he is a subject matter expert for IFRS, SEC reporting and fair value accounting in MHM’s Professional Standards Group. He also is a member on the IFRS Foundation's Small & Medium-sized Entities (SMEs) Implementation Group.
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