Webinar Slides: IFRS Global Standard Setting and What's New at the IASB
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Webinar Slides: IFRS Global Standard Setting and What's New at the IASB

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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 ...

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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    Webinar Slides: IFRS Global Standard Setting and What's New at the IASB Webinar Slides: IFRS Global Standard Setting and What's New at the IASB Presentation Transcript

    • EXECUTIVE EDUCATION SERIES:IFRS - Global Standard Setting andWhat’s Happening at the IASBPresented by: Keith PeterkaMay 16, 2013
    • 2‹#› To view this webinar in full screen mode, click on viewoptions in the upper right hand corner. Click the Support tab for technical assistance. If you have a question during the presentation, please usethe Q&A feature at the bottom of your screen.#MHMWebinarBefore We Get Started…
    • 3‹#› This webinar is eligiblefor CPE credit. To receivecredit, you will need toanswer periodic pollingquestions throughout thewebinar. External participants willreceive their CPEcertificate via emailimmediately following thewebinar.#MHMWebinarCPE Credit
    • 4The information in this Executive Education Seriescourse is a brief summary and may not include all thedetails relevant to your situation.Please contact your MHM service provider to furtherdiscuss the impact on your financial statements.Disclaimer
    • 5‹#›#MHMWebinarToday’s PresenterKeith Peterka, CPAShareholder610.866.2274 | kpeterka@cbiz.comWith more than 18 years of experience in public accounting, Keith performsnational firm responsibilities for IFRS, fair value accounting and auditing, revenuerecognition and business combinations. He is a member of the MHM SECtaskforce 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 inMHM’s Professional Standards Group. He also is a member on the IFRSFoundations Small & Medium-sized Entities (SMEs) Implementation Group.
    • 6‹#›#MHMWebinarToday’s Agenda1234Status Update on FASB/IASB ConvergenceSEC’s Role in International ConvergenceAccounting Standards Advisory Forum2013 IASB Developments
    • 7‹#› U.S. has been at the forefront of the Convergence SEC, AICPA, FASB, etc. The FASB and the IASB have been formally workingtogether toward convergence since 2002. Norwalk Agreement issued in 2002. Memorandum of Understanding (MoU) issued in 2006 —updated in 2008 and 2010.#MHMWebinarInternational Convergence Status
    • 8‹#›What’s been accomplished?#MHMWebinarFASB/IASB Convergence StatusConvergenceprojects•Business combinations•Non-controlling interest•Fair valueNon-convergenceprojects• Borrowing cost• Correction of errors• Discontinued ops• Inventory cost• Segment reporting• Share-basedcompensation
    • 9‹#›What’s left to be accomplished – ConvergenceProjects? Revenue Recognition – Final standard in 2013 Lease Accounting – Revised exposure draft Fair Value – Conducting this project in three phases:1. Accounting for credit losses2. Recognition and measurement of financial instruments3. Hedge accounting Insurance Accounting#MHMWebinarFASB/IASB Convergence Status - Continued
    • 10‹#›What else is left to be accomplished?#MHMWebinarFASB/IASB Convergence Status - ContinuedCommon Control EntitiesImpairment ofNonfinancial AssetsExtractive IndustriesResearch andDevelopment Activities
    • 11‹#› 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?#MHMWebinarSEC’s Role in Convergence
    • 12‹#› The ASAF is an advisory group to the InternationalAccounting Standards Board (IASB), consisting of nationalaccounting standard-setters and regional bodies with aninterest in financial reporting. Principal purpose is to provide technical advice andfeedback to the IASB. Will be chaired by the IASB with an initial membership of: Africa Asia – Oceania Europe The Americas#MHMWebinarAccounting Standards Advisory Forum (ASAF)
    • 13‹#›Timeline of establishment#MHMWebinarAccounting Standards Advisory ForumFebruary 2013:Proposal to establishthe ASAF and callfor nominationsApril:Establishedthe MOUApril 23:Firstmeeting
    • 14‹#› 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#MHMWebinarSignificant IASB Activities for 2013
    • 15‹#›#MHMWebinarQuestions?
    • 16‹#› Join us for these related EES courses: Aug. 22: IFRS and the AICPA’s Private CompanyFramework Sept. 26: IFRS – Goodwill Impairment Nov. 21: IFRS – Leases, provisions, contingent assets andliabilities Read these related MHM Messengers: 1-13: AICPA’s Annual SEC/PCAOB Current EventsConference Recap 14-12: The SEC’s Report on IFRS - Steps Companies CanTake Now#MHMWebinarIf You Enjoyed This Webinar…
    • 17‹#›#MHMWebinarToday’s PresenterKeith Peterka, CPAShareholder610.866.2274 | kpeterka@cbiz.comWith more than 18 years of experience in public accounting, Keith performsnational firm responsibilities for IFRS, fair value accounting and auditing, revenuerecognition and business combinations. He is a member of the MHM SECtaskforce 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 inMHM’s Professional Standards Group. He also is a member on the IFRSFoundations Small & Medium-sized Entities (SMEs) Implementation Group.
    • 18‹#›#MHMWebinarConnect with Mayer Hoffman McCannlinkedin.com/company/mayer-hoffman-mccann-p.c.@mhm_pcyoutube.com/mayerhoffmanmccanngplus.to/mhmpcblog.mhm-pc.comslideshare.net/mhmpcfacebook.com/mhmpc