IFRS Foundations Workshop
  Building Your IFRS Implementation Strategy and Plan

One day — 8 CPE Credits

The learning experience you need to build your strategy and plan to implement IFRS, and to keep up with the planned major changes to IFRS before it becomes required for US Companies.

In this workshop you will:

• Learn the details of the SEC’s proposed roadmap

• Understand the issues in implementing IFRS

• Learn about the differences between IFRS and US GAAP

• Build the structure of your plan to transition to IFRS reporting

Learn from the highest quality discussion leaders in the training world!

AGENDA

8:30-8:45 a.m. – Introduction and Overview

• Workshop objectives and schedule

• Administrative matters

8:45-9:15 a.m. – Beginnings - Overview of IFRS in the United States

• Why push for IFRS?

• IFRS for Foreign Private Issuers – elimination of the reconciliation in 2007

• The Proposed Roadmap for US companies

• Details of the Roadmap’s proposed timing

• The “Milestones” to be met before adoption of IFRS

• Results from first year filings of foreign private issuers, implications for US Companies

• SEC comments and concerns to date

• How these issues affect your IFRS Strategy

• How these issues affect your IFRS Implementation Plan

• Building your plan to implement IFRS

9:15-9:35 a.m. – Preview of the Major Issues for your IFRS Strategy and Plan

• Understanding the issues in this process

• IFRS 1, First Time IFRS Adoption requirements

• Building the planning “task force” agenda

• Steps in the process

• Building a separate system or top-side adjustments?

• Running parallel with US GAAP

• Categorizing differences by nature and type

• Staffing issues

• Financial issues – How much will this transition cost??

• Presenting the financial issues to senior management and boards and others who need to know – the IFRS communications plan

9:35-10:00 a.m. – Overview of the IFRS Standard Setting Process

• How the IASB and the IFRIC operate

• IASB technical projects agenda

• The Memorandum of Understanding with the FASB

• The major projects planned for completion in 2011

• Impact of the MOU and these projects on your planning

• Who will oversee IFRS? – SEC concerns

• Issues in “as adopted” IFRS

• How will the IFRS be funded? – SEC concerns

10:00-10:30 a.m. – Dealing with Differences Between IFRS and US GAAP

• The nature of differences between IFRS and US GAAP and how this will impact on your transition planning

• Issues within the nature of differences

• Standards with significant differences in overall treatment

• Standards with similar overall approaches but detailed differences

• Statement content and format – the SORIE and other issues

• Key areas where standards still need to be developed

• Anticipating standard setting developments in your plan

• Examples and how they impact on the transition process

10:30-Noon – Deep Dives into IFRS and USGAAP Differences by Accounting Area – Part One

• Business combinations

• Fair value measurement

• Income tax accounting

• Inventory

Noon-1:00 p.m. – Lunch

1:00-4:00 p.m. – Deep Dives into IFRS and USGAAP Differences by Accounting Area – Part Two

• Consolidation

• Financial Instruments, including derivatives, and debt/versus equity issues

• Share based compensation

• Provisioning

• Employee benefits

• Property, Plant and Equipment and related depreciation issues

• Goodwill and intangible assets, including R and D capitalization

4:00-4:30 p.m. – Areas Where IFRS and US GAAP will Change Before Adoption

• Financial Statement Presentation

• Revenue Recognition

• Leasing

• Liabilities versus equity

• Post-employment benefits

• Derecognition

4:30-5:00 p.m.– Q & A, summary and Your Implementation Plan

• Implications for

• Systems

• Tax structures

• Business strategy

• Compensation schemes

• Borrowing arrangements

• Financial position and performance

• Contracts

• Building your plan, key steps and progress check points

Learning Objective: To update corporate financial executives on the issues that must be considered when adopting IFRS for financial reporting purposes.
Delivery Method: Group-Live.
Prerequisites/Advance Preparation: None.
Experience level: Overview.

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