Posts Tagged ‘IFRS’

Accelerate Group Financial Close: Speed Your Closing Cycle and Reduce the Cost of Compliance

The requirement to close books quickly and with quality is emerging again as an important project for today’s global finance function, especially with the increasing amount of regulatory change, including the adoption of International Financial Reporting Standards (IFRS) and requirements to file financial statements in Extended Business Reporting Language (XBRL).

During this Webcast, you will hear from The Paragon Consulting Group, a member of PricewaterhouseCoopers LLP, as well as SAP, the market leader in enterprise performance management (EPM) solutions, how companies can speed their closing cycles and reduce the cost of compliance.

From this Webcast you will discover:

• The latest research into the year-end close cycle metrics of the world’s largest organizations
• Key barriers to a fast, high-quality group financial close
• Solutions to help organizations improve and sustain their close times

Presenters:

• James Fisher
  Senior Director Solution Marketing
  Enterprise Performance Management, SAP 
• David J.H. Jones
  Director, Paragon Consulting Group, a member of PricewaterhouseCoopers LLP
• Mark C. Herpin, CPA.CITP
  Financial Planning Manager
  IBERIABANK Corporation

DATE: Wednesday, March 3, 2010  TIME: 11 A.M. Eastern Time (U.S.) DURATION: 60 minutes

Register Today! 

There are no delusions that converting from GAAP to IFRS will be herculean effort for most tax departments, but with the increasing globalization of business the switch is inevitable.

However, peril can be turned into promise!

SAP explores the process changes, the technology shifts and the inherent benefits of the GAAP to IFRS changeover in the insightful white paper “Streamlining Your Conversion to IFRS: Challenges, Choices, and Transformative Technologies.”

Learn more at SAP.com and be sure to come back to Tax 2.0 to discuss your IFRS war stories.

How to Harmonize and Accelerate Financial Reporting to Meet the Challenges of IFRS

Sponsored by SAP BusinessObjects

Date: Tue, Nov 17, 2009
Time: 11:00 A.M. ET
What time is this for me?
Duration: 1 hour

Later this year, the U.S. Securities and Exchange Commission (SEC) will discuss whether publicly-listed companies in the U.S. will need to transition their financial reporting from U.S. Generally Accepted Accounting Principles (U.S. GAAP) to International Financial Reporting Standards (IFRS). Such a transition will likely have a significant impact on all operational areas – and not just on finance and accounting departments – within publicly-listed firms.

From this webcast, you will learn how to address key differences between U.S. GAAP and IFRS to enable your company to minimize risks, costs and timeframes associated with fulfilling new financial reporting requirements.

Presenters

Ian Wright
Principal, SAP Practice
Deloitte Consulting LLP

Alfred Popken
Principal
Deloitte & Touche LLP
 
Tom Yoder
National Practice Lead
IFRS/ERP General Ledger
SAP

Register Today!

How prepared is your tax organization for the impending shift from US GAAP to IFRS reporting standards? The truth is, you might be closer than you think. Explore part one of the PWC paper, “Fair Value Accounting: Tax Considerations” that provides a historical outlook on financial reporting transparency measures already adopted by U.S. based corporations and how these tenants pave the way for a shift to IFRS. 

Fair Value Accounting: Tax Considerations - Background

Elements of fair value accounting have been used for decades in US GAAP. Although the growth of fair value accounting has been incremental, its use has accelerated in recent years as a means of enhancing financial statement quality, transparency, and relevance. An increasing variety of assets and liabilities are subject either to required or elective fair value accounting. This trend aligns with global accounting convergence, because the use of fair value measurement is even more prevalent in International Financial Reporting Standards (IFRS).

The recent turmoil in the capital and credit markets has heightened the focus on certain aspects of fair value accounting. On October 3, 2008, the US president signed into law H.R. 1424, The Emergency Economic Stabilization Act of 2008. Pursuant to section 133 of the Act, the Securities and Exchange Commission (SEC), in consultation with the Treasury and the Financial Accounting Standards Board (FASB), has 90 days to study and report to Congress on the application of FAS 157, Fair Value Measurements to financial institutions, including depository institutions. The issuance of FAS 157 was a watershed event, providing the first US GAAP framework for measuring fair value. On October 10, 2008 the FASB issued guidance clarifying how FAS 157 should be applied in valuations of securities in markets that are not active.

Fair value accounting is not limited to financial assets or financial businesses. It can apply to any business, and with respect to a wide variety of assets, liabilities and activities including:

• Derivatives and trading activities
• Investments in trading and available-for-sale securities
• Intangibles acquired in business combinations
• Asset retirement obligations
• Impairments of long-lived assets
• Exit and disposal activities
• Pensions and other post-retirement benefit plans
  Share-based compensation
• Guarantees and indemnifications

This paper highlights the significance of the movement toward fair value accounting to those responsible for company tax matters. It addresses the trend from the perspective of each of several diverse areas in which tax matters intersect with fair value measurement. The importance of coordination around these topics on a fully integrated basis, across company management functions, is underscored.

CFO Magazine explores tax from the IT perspective by highlighting that the effects of switching accounting languages extend far beyond the finance department. Are your tax and IT departments prepared for this possible significant shift?

Read the full article on CFO.com.

Read this Whitepaper wrap-up of the Webcast sponsored by the Tax Governance Institute and KPMG on the tax consideration associated with converting from GAAP to IFRS.

Click here to download the PDF from the KPMG Website!

What to expect and how to prepare for the R&D and Intangible Assets transition from U.S. GAAP to IFRS

Innovation is critical to the current and future success of many technology companies. The financial reporting for R&D and internally-developed intangibles can significantly differ between IFRS and U.S. GAAP. Please join KPMG and Financial Executives International (FEI) for a Webcast that will provide practical insights into how a transition to IFRS from U.S. GAAP can impact technology companies’ accounting for R&D and Intangible Assets.

Visit KPMG IFRS Institute for details.

The Securities and Exchange Commission remains committed to its proposal to require publicly-traded U.S.-based firms to adopt international financial reporting standards (IFRS) within the next two years.

How should you prepare for the transition from generally accepted accounting principles (GAAP) to IFRS? And could the move from GAAP to IFRS help or hinder your company’s efforts to shorten its time to close?

Visit Cfo.com for the full article.

A webinar from Infor, a business software developer, details ways your company can prepare for conversion.

Visit businessfinancemag.com for the full article.

Lease accounting continues to be controversial and complicated. The FASB and the IASB are working on a joint project to radically restructure lessee accounting, but in the meantime important differences remain between US GAAP and IFRS. This webcast, offered by Compliance Week, will briefly explore current differences in the accounting for lease transactions, including land leases, investment property, and sale and leaseback transactions with a brief look ahead at what changes are under discussion at the FASB and the IASB.

Visit Complianceweek.com for the full article.