Presentation Date: Sunday August 2, 2009
  Presentation Time: 1:00 pm-4:00 pm

CPE Session 37

First-time Adoption of
International Financial Reporting Standards

Sponsored By: International Accounting

Presented By:

Paul Pacter, Deloitte and International Accounting Standards Board

Description:

• Why switch to IFRS?
• What does first-time adoption of IFRS mean
• Where have IFRS already been adopted globally; other plans for adoption
• Political issues in first-time adoption of IFRS
• Status in United States and Canada
• The two key steps in first-time adoption:
  • Selection of accounting policies
  • Preparing at least two years of IFRS data, including restating prior period data
• Selecting initial accounting policies under IFRSs
  • Criteria for selection
  • Which policies depend on circumstances
  • Which policies are free-choice options
• Accounting policy options in IFRS -Adjustments required to move to IFRS
  • Derecognising some old assets and liabilities
  • Recognising some new assets and liabilities
  • Reclassifications
  • Measurement changes
• Exceptions to restatement of prior periods
  • Which exceptions are optional
  • Which exceptions are mandatory
• Special disclosures in the year of first-time adoption
• Transition issues beyond accounting: public communication, auditing, systems, remuneration, treasury, hedging, contracts, etc.
• Impact of first-time adoption - key differences with US GAAP, problem areas that arose previously
• IFRS resources - Resources for preparers/teachers

Field of Study: Accounting
Program Level: Overview

Intended Audience: Accounting educators who are either teaching a separate international accounting course or building IFRS into the content of intermediate or advanced accounting courses. Also appropriate for financial executives and auditors of companies switching to IFRS.

Format/Structure: PowerPoint presentation by the Workshop leader, and group discussion

Learning Objective:

• Explain the steps and decisions required in making a transition from national GAAP to IFRSs
• Understand the implications of switching to IFRSs beyond accounting implications (management, systems, financial analysis, etc.)
• Identify the main differences between IFRSs and US GAAP
• Point students toward available resources about IFRSs

Prerequisites: None

Advanced Preparation Required: None

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