0
Things That Every CPA Need To Know
About IFRS
Peter A. Margaritis, CPA, CGMA, MAcc
Peter A. Margaritis, LLC
October 16, 20...
IFRS are an existing set of “high-quality, country-
neutral” accounting standards that continue to
evolve.
Economic benefi...
2011
2013
2016
2005
2012
2010
2012
2005
2014
2013
2005
IFRS: 120+ Countries Permit/RequireIFRS: 120+ Countries Permit/Requ...
Source:: PwC
IFRS Readiness Series
Impact on Taxes
6
Principles vs. RulesPrinciples vs. RulesPrinciples vs. RulesPrinciples vs. Rules
Abbott and Costello
Transaction
Analysis
Accounting
Research
Decision
Making
US GAAP
Transaction
Analysis
Accounting
Research
Decision
Making
...
United States UpdateUnited States Update
2012
Leases Re-expose (Q1) - 2013
Revenue Recognition
Redeliberations (Q3-Q4)
IFRS (H1 2013)
FI: Impairment Re-expose (Q4)...
IASB/FASB Completed MoU Projects
Share-based payments Business Combinations
Segment reporting Derecognition
Research Costs...
1. Sufficient Development and Application of IFRS for the U.S.
Domestic Reporting System
2. The Independence of Standard S...
The InternationalThe International
Accounting StandardsAccounting Standards
Board (IASB)Board (IASB)
An independent standard setter based in London, UK
(British spelling)
IASB is the successor (2001) to the IASC which was
f...
Source: Guide to IASC Foundation and IASB
IASB StructureIASB StructureIASB StructureIASB Structure
Who Funds The IASB
($33M Budget - US$)
$9 million
$2.6 million
$800K
$2.6 million
$1.2 million
$400K
$1 million
$11 millio...
Reference Type of Pronouncement
IAS International Accounting Standard (28)
IFRS International Financial Reporting Standard...
• IFRS 10 Consolidated Financial Statements – 2013
• IFRS 11 Joint Arrangements - 2013
• IFRS 12 Disclosure of Interests i...
Conceptual FrameworkConceptual Framework
IFRS Education and Training, LLC
20
US GAAP IFRS
Objectives (Completed Phase A) The objective of general purpose
financial...
IFRS Education and Training, LLC
21
US GAAP IFRS
Qualitative Characteristics:
Fundamental and
Enhancing Characteristics
Pe...
IFRS Education and Training, LLC
22
US GAAP IFRS
Elements of Financial
Statements
Assets
Liabilities
Equity
Investment by ...
Financial Statement PresentationFinancial Statement Presentation
IAS 1IAS 1
1. Statement of Financial Position
2. Statement of Comprehensive Income
3. Statement of Changes in Equity
4. Statement of ...
IAS 1 requires an entity to present a statement of
financial position as at the beginning of the earliest
comparative peri...
US GAAP IFRS
Financial Periods
Required
No requirement. Public
companies follow SEC
rules.
Comparative information
must be...
US GAAP IFRS
Deferred Taxes
Deferred taxes are
presented as current or
non-current based on
the nature of the related
asse...
IFRS are more prescriptive in terms of the
specific line items, headings, and subtotals that
must be presented.
IFRS requi...
An entity shall present all items of income and expense
recognised in a period:
• In a single statement of comprehensive
i...
Revenue X
Cost of sales (X)
Gross profit X
Other income X
Distribution costs (X)
Administrative expenses (X)
Other expense...
Revenue X
Other income X
Changes in inventories of FG & WIP X
Raw materials and consumables used X
Employee benefits expen...
• Published in June 2011 and effective for reporting
years beginning on or after July 1, 2012
• Retrospective application
...
• Individual IFRSs specify which gains and losses must
be reported in OCI and whether these items must be
reclassified.
• ...
Profit for the year x
Other Comprehensive Income
Items that will not be reclassified to P&L
Actuarial loss on defined bene...
Statement of Changes in EquityStatement of Changes in EquityStatement of Changes in EquityStatement of Changes in Equity
S...
 Present information about the basis of
preparation of the financial statements and the
specific accounting policies used...
Heineken slide
ImpairmentImpairment
IAS 36IAS 36
75
Recoverable
Future net cash flows which the concept of time
value of money is not applied
Recoverable Amount
•The conce...
Source: IFRS Partners
CA > RA Impairment
VIU FV - CS
Impairment TestingImpairment Testing
 
The carrying amount of a parcel of land is $1,400,000. The appraised fair
value is $1,300,000. Costs to sell the asset w...
External sources of information
•Asset’s market value has declined
significantly.
•Significant changes with an adverse eff...
Internal sources of information
•Evidence is available of obsolescence or
physical damage of an asset.
•Significant change...
InventoryInventory
IAS 2IAS 2
 GAAP and IFRS are both based on the principle that
the primary basis of accounting for inventory is cost.
 “Assets held...
US GAAP IFRS
LIFO is acceptable method LIFO is prohibited
Inventory is carried at LCM. Market is
defined as current replac...
Tin Cup, Inc. sells only one product and the
cost of the product is $5 per unit.
Example 1:
NRV = $4.50
Replacement Cost =...
The amount of any write-down of inventories
to NRV and all losses of inventories shall be
recognised as an expense
The amo...
Spacely Space Sprockets, Inc. (SSSI) starts with no inventory in 20X7.
The following occur:
2007, purchases 1,000 units fo...
2007 2008 2009 2010
Historical Cost $1,150 $1,800 $4,050 $675
NRV $1,600 $1,800 $3,600 $700
Carrying Value $1,150 $1,800 $...
InventoryInventory
5,750 4,600
1,150
5,400 4,750
1,800
7,425 5,175
4,050 450
3,600
0
600
75
675
EI 2007
EI 2008
EI 2009
AD...
Property, Plant, andProperty, Plant, and
EquipmentEquipment
IAS 16IAS 16
 “Tangible assets held for use that are expected to be used
for more than one accounting period.”
 The cost of the asset...
US GAAP IFRS
No annual review of the
depreciation method required.
The depreciation method applied
to an asset shall be re...
“An entity shall choose either the cost
model or the revaluation model as
its accounting policy and shall apply
that polic...
After recognition as an asset, an item of
property, plant and equipment shall be
carried at its cost less any
accumulated ...
Fair Value
Revaluations shall be made with sufficient regularitysufficient regularity to ensure
that the carrying amount d...
The following are examples of separate
classes:
Land
Land and buildings
Machinery
Ships
Aircraft
Motor vehicles
Furniture ...
Revaluation
Increases
Revaluation
Decreases
0
Decreases > RSA 0 Balance = Loss on P&L
Revaluation Increase or DecreaseReva...
In 2011, ACME, Inc. purchased a parcel of land
that is uses as a parking lot for its employees.
ACME purchased this land f...
In 2013, ACME decided to revalue its land in
accordance with IAS 16. The company hired an
appraiser who determined that th...
In 2015, ACME the market value of the land decreased by 15%
$1,105,000 (FV $1,300,000 – $195,000)
Revaluation Reserve $100...
Accumulated Depreciation for a Revalued Asset
can either be:
Restated proportionally so that the carrying
amount of the re...
Scooby Doo, Inc. (SDI) purchased a building for
$300,000 in January 2003. The building was being
depreciated at $10,000 pe...
Appraised value suggests a 50% increase over the historical cost book value.
The gross asset and accumulated depreciation ...
The accumulated depreciation account will be reduced to
zero and the building will reflect the entire FMV appraisal
Buildi...
LeasesLeases
IAS 17IAS 17
Recognition as either a finance lease or an operating lease.
The party that bears substantially all the risks and
rewards ...
US GAAP IFRS
Requires a capital lease treatment
if the lease term is equal to or
greater than 75% of the assets
economic l...
Source: IFRS Partners
Lease term (% of asset life)
Operating Lease
0% to 74.99%
FMLV (% of FV of asset)
0% to 89.99%
Capit...
Source: IFRS Partners
IFRSIFRS
Intangible AssetsIntangible Assets
IAS 38IAS 38
US GAAP IFRS
Development costs are
expensed as incurred unless
addressed by a separate standard.
Development costs related...
Goodwill Impairment- IFRS
The Standard permits:
 The annual impairment test for a cash-generating
unit (group of units) t...
Revenue RecognitionRevenue Recognition
IAS 18IAS 18
Revenue Recognition
U.S. GAAP revenue recognition guidance is extensive
and includes a number of standards issued by the
F...
First-time Adoption ofFirst-time Adoption of
International Financial ReportingInternational Financial Reporting
StandardsS...
 Is transparent for users and
comparable over all periods
presented;
 Provides a suitable starting point
for accounting ...
An entity shall apply this IFRS in:
•Its first IFRS financial statements; and
•Each interim financial, if any, that presen...
There is full retrospective
application of all IFRS
standards in effect as of
the closing of the
balance sheet date
(repor...
IFRS 1 requires companies to:
1.Identify the first IFRS financial statements
2.Prepare an opening statement of financial p...
Transition date is identified as the beginning of
the earliest period for which full comparative
information is presented ...
IFRS Education and Training, LLC
Financial Statement 1/1/16 12/31/16 12/31/17 12/31/18
Statement of Financial
Position
X X...
An entity shall, in its opening IFRS statement of financial
position:
Recognise all assets and liabilities whose recognit...
The Board has identified 20 optional exemptions,
4 short-term exemptions, and 7 mandatory
exemptions in order to provide c...
1. Business Combinations
2. Share-based payment transactions
3. Insurance contracts
4. Fair Value Deemed as cost
5. Leases...
10.Designation of previously recognized financial
instruments
11.Assets and liabilities measured at fair value
12.Fair val...
1. Certain first-time adopters can avail themselves
from the requirement to restate comparative
information for IFRS 9
2. ...
1.Estimates
2.Financial assets and financial
liabilities derecognition;
3.Hedge accounting;
4.Non-controlling interests;
5...
2009
IFRS for SME’s
6
IFRS for SMEIFRS for SME’’ssIFRS for SMEIFRS for SME’’ss
The AICPA's governing Council on May 18,
2008
Amended Rules 202 & 203 of the Code of
Professional Conduct to recognize the...
IFRS for SMEs is a self-contained
standard of about 230 pages tailored for
the needs and capabilities of smaller
businesse...
An SMEs is defined by the IASB as entities
that:
•Do not have public accountability, but
•Do publish general purpose finan...
For purposes of the SME standard, an entity has
public accountability if it meets either of the following
two criteria:
•D...
Section 1: Small and Medium-Sized Entities
Section 2: Concepts and Pervasive Principles
Section 3: Financial Statement Pre...
Section 12: Other Financial Instruments Issues
Section 13: Inventories
Section 14: Investments in Associates
Section 15: I...
Section 24: Government Grants
Section 25: Borrowing Costs
Section 26: Share-Based Payment
Section 27: Impairment of Assets...
Biggest challenges may be a cultural one
Requires more judgment and less reliance
on detailed rules and “bright lines”
Com...
The biggest impacts of the transition to IFRS may be
in areas other than accounting, such as:
•systems requirements,
•cont...
AICPA-IFRS for SME – US GAAP comparison tool:
Http://wiki.ifrs.com
Free download of SME standards:
http://go.iasb.org/IFRS...
Big Bang TheoryVideo
Peter A. Margaritis, CPA, CGMA
peter@petermargaritis.com
614.668.2936
Twitter: @pmargaritis
LinkedIn: http://www.linkedin....
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
What Every CPA Needs to Know About IFRS
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What Every CPA Needs to Know About IFRS

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  • Who is in public accounting? Business and Industry? Education?
    Introduction - name, company,
  • Too many different accounting practices world wide. An example would be Daimler-Benz back in 1993. Under German GAAP the company reported a profit of $370 million but when they had to reconcile to US GAAP they posted a $1 billion net loss.
  • IFRS is here in the US but it has come through the backdoor. US subsidiaries of foreign parent are being told to report in IFRS. What if your company is bought by a foreign company?
  • I begin a discussion about the different areas that will be affected by the transition to IFRS. A sample is below. After this discussion, I ask how it will affect YOU as an organization and a firm. This is a good point to write the various responses on a flip chart and review them periodically over the presentation.
    Preparers:
    Public company
    Private company with foreign parent
    Private company with foreign subs
    Access to capital markets
    Bankers:
    Underwriting
    Debt covenants
    Global capital markets
    Attorneys:
    Contracts
    IPO’s
    Registration
    Fraud implications – use of judgment
  • On cash taxes paid and the effective tax rate computation, Changes to internal controls and processes as it relates to tax because of new and different data sources and modifications in book to tax differences, Changes to be initiated by IRS, State and local income tax calculation. Personal property tax calculation
    Accounting methods utilized in the calculation of taxable income - change requires permission, Transfer pricing: documentation and advanced pricing agreements, Inventory accounting: LIFO elimination, Overall E&P calculations and methodologies used in this calculation
  • Leases: Cancelable S/T, Lessor - Investment Property Entities measured at FV - no residual/receivable method. Revenue recognition comments are due by 3/13/12 “The core principle of this standard is that an entity would recognize revenue from contracts with customers when it transfers promised goods or services to the customer,” Private companies would have an extra year to implement the proposed standard, and would be exempt from a number of mandatory disclosures.
  • Analyzed 183 companies (50 SEC registrants) of the Global Fortune 500
    Four major areas of diversity: Standards provide for an option, Absence of guidance, Non-compliance with accounting standards, Referencing local GAAP
  • The similar structure of the IASB and FASB will be discussed over the next two slides. The manual does not have the notations of “Oversight” “Appoints” etc. Have the participants write this in. Helps keep everyone awake and engaged.
    There are 5 trustees from the US on the foundation AND 4 board members from the US. In addition of the 5 member monitoring board, the US has 1 seat (SEC Chairman). The US has influence on standard setting. If we choose to not adopt IFRS we will loose our influence by the reduction (or elimination) of seats.
  • 2012 expected financing: US $7.8m
  • neutral vs. conservatism - probable - more likely than not
  • The financial statements be prepared on the accrual basis of accounting.
    Materiality and consistency must be taken into consideration.
  • Consistency
    An entity will change and accounting policy only if the change is required by an IFRS.
    Retrospective application, Limitations on retrospective application
  • I will focus on bullet point number 3 about decreasing and increasing liquidity and make a reference that this will be clear when looking at the financial statements of Bayer, Nestle, and Budweiser.
  • ASU - Comprehensive Income (Topic 220): Presentation of Comprehensive Income
  • IAS 21 - The Effects of Change in Foreign Exchange Rates (disposal of foreign operation)
    IAS 39: Financial instruments: Recognition and measurement: (impairment of AVS financial assets & cash flow hedge accounting)
    IAS 16: PPE: relates to revaluation method
    IAS 19: Employee Benefits: actuarial gains and losses
    IFRS 9: changes in fair value of FVTOCI equity investment
  • Similar to US
  • Self explanatory
  • LIFO is the big question. I make reference to President Obama’s first budget where he called for the elimination of LIFO. This piece was pulled because of the negative impact it would have had on the auto industry. It is projected that in one of his last two budget proposals LIFO will be removed.
  • Inventory is carried at LCM. Market is defined as current replacement cost as long as the market is not > NRV (ceiling) and is not less than net realizable value reduced by a normal sales margin (floor)
  • When doing this example, spend time walking through the impairment analysis
  • Credit grantors and prospective investors pay attention to the ratio of net property and equipment as a fraction of the related gross amounts. This is done to assess the relative age of the entity’s productive assets and to estimate the timing and amount of cash needed for asset replacements.
  • The main focus of both board’s is to address Lessee Accounting because Lessor Accounting will be determined under the revenue recognition project. You will see that in the most recent exposure draft, the board did address Lessor side of the transaction. You may want to review Lessor Accounting prior to this section.
    This section is a great example of the IASB’s approach to substance of the transaction over the form of the contract.
  • The main focus of both board’s is to address Lessee Accounting because Lessor Accounting will be determined under the revenue recognition project. You will see that in the most recent exposure draft, the board did address Lessor side of the transaction. You may want to review Lessor Accounting prior to this section.
    This section is a great example of the IASB’s approach to substance of the transaction over the form of the contract.
  • The new standard, known as Accounting Standards Update No. 2011-08, “Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment.”
  • Essentially a road map of how to move from the preparation of financial statements under GAAP to IFRS
  • Flows through retained earnings
    Example:
    Development costs expensed under US GAAP may need to be capitalized if they meet IFRS recognition
    Need to refer to IAS 37 Provisions, contingent liabilities, and contingent assets.
    Redeemable preferred shares currently in equity may need to be classified as a liability.
    Deferred tax balances may have been discounted to PV. Not allowed in IFRS. FIN 48 is not recognized in IFRS
  • Who is in public accounting? Business and Industry? Education?
  • Transcript of "What Every CPA Needs to Know About IFRS"

    1. 1. Things That Every CPA Need To Know About IFRS Peter A. Margaritis, CPA, CGMA, MAcc Peter A. Margaritis, LLC October 16, 2012
    2. 2. IFRS are an existing set of “high-quality, country- neutral” accounting standards that continue to evolve. Economic benefits: • Greater transparency and comparability • Facilitate cross-boarder filings • Access to capital • Lower cost of capital • Improve investor confidence • Reduce costs IFRSIFRSIFRSIFRS
    3. 3. 2011 2013 2016 2005 2012 2010 2012 2005 2014 2013 2005 IFRS: 120+ Countries Permit/RequireIFRS: 120+ Countries Permit/RequireIFRS: 120+ Countries Permit/RequireIFRS: 120+ Countries Permit/Require
    4. 4. Source:: PwC IFRS Readiness Series
    5. 5. Impact on Taxes
    6. 6. 6 Principles vs. RulesPrinciples vs. RulesPrinciples vs. RulesPrinciples vs. Rules
    7. 7. Abbott and Costello
    8. 8. Transaction Analysis Accounting Research Decision Making US GAAP Transaction Analysis Accounting Research Decision Making IFRS Putting Principles Into ActionPutting Principles Into ActionPutting Principles Into ActionPutting Principles Into Action
    9. 9. United States UpdateUnited States Update
    10. 10. 2012 Leases Re-expose (Q1) - 2013 Revenue Recognition Redeliberations (Q3-Q4) IFRS (H1 2013) FI: Impairment Re-expose (Q4) FI: Classification & Measurement Exposure Draft (Q4) FI: General Hedging IFRS (Q4) FI: Macro Hedging Exposure Draft (Q3/Q4) Insurance Contracts Re-expose (Q3/Q4) Convergence – 10/01/12
    11. 11. IASB/FASB Completed MoU Projects Share-based payments Business Combinations Segment reporting Derecognition Research Costs Consolidation Borrowing costs Disclosures of Interest in Other Entities Fair Value Employee Benefits (post employment benefits improvement) Joint Ventures Presentation of Financial Statements (presentation of OCI improvement)
    12. 12. 1. Sufficient Development and Application of IFRS for the U.S. Domestic Reporting System 2. The Independence of Standard Setting for the Benefit of Investors 3. Investor Understanding and Education Regarding IFRS 4. Examination of the U.S. Regulatory Environment that Would Be Affected by a Change in Accounting Standards 5. The Impact on Issuers, Both Large and Small, Including Changes to Accounting Systems, Changes to Contractual Arrangements, Corporate Governance Considerations, and Litigation Contingencies 6. Human Capital Readiness SEC Workplan Update
    13. 13. The InternationalThe International Accounting StandardsAccounting Standards Board (IASB)Board (IASB)
    14. 14. An independent standard setter based in London, UK (British spelling) IASB is the successor (2001) to the IASC which was founded in 1973 The IASB is appointed and overseen by a geographically and professionally diverse group of 22 Trustees of the IFRS Foundation There is a 15 member IASB board that is the body that sets accounting standards using a formalized due process procedure. IASBIASBIASBIASB
    15. 15. Source: Guide to IASC Foundation and IASB IASB StructureIASB StructureIASB StructureIASB Structure
    16. 16. Who Funds The IASB ($33M Budget - US$) $9 million $2.6 million $800K $2.6 million $1.2 million $400K $1 million $11 million Source: IASB Foundation Annual Report (2011) $360K $100K $100K
    17. 17. Reference Type of Pronouncement IAS International Accounting Standard (28) IFRS International Financial Reporting Standard (13) IFRIC Interpretation of the International Financial Reporting Interpretations Committee (16) SIC Interpretation of the Standing Interpretations Committee (8) Types of PronouncementsTypes of PronouncementsTypes of PronouncementsTypes of Pronouncements
    18. 18. • IFRS 10 Consolidated Financial Statements – 2013 • IFRS 11 Joint Arrangements - 2013 • IFRS 12 Disclosure of Interests in Other Entities - 2013 • IFRS 13 Fair Value Measurement - 2013 • IAS 19 Employee Benefits - 2013 • IAS 27 Separate Financial Statements - 2013 • IAS 28 Investments in Associates and Joint Ventures - 2013 • IAS 32 Offsetting Financial Assets and Liabilities - 2013 • IFRS 7 Disclosures: Offsetting Financial Assets and Financial Liabilities - 2014 w/ early adoption • IFRS 9 Classification and Measurement of Financial Assets - 2015 w/ early adoption New Standards and Modifications Effective 2013 and Beyond
    19. 19. Conceptual FrameworkConceptual Framework
    20. 20. IFRS Education and Training, LLC 20 US GAAP IFRS Objectives (Completed Phase A) The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. Assumptions Economic entity Going Concern Periodicity Monetary Unit Accrual Going Concern Recognition and Measurement -Principles Historical Cost Revenue Recognition Matching Full Disclosure Fair value Historical cost Current cost Realizable value Fair Value Revenue & Expense recognition Full disclosure US GAAP vs IFRSUS GAAP vs IFRSUS GAAP vs IFRSUS GAAP vs IFRS
    21. 21. IFRS Education and Training, LLC 21 US GAAP IFRS Qualitative Characteristics: Fundamental and Enhancing Characteristics Pervasive constraint Completed Phase A Relevance (FC) •predictive value •confirmatory value •materiality Faithful representation (FC) •complete •neutral •free of error Comparability (EC) Verifiability (EC) Timeliness (EC) Understandability (EC) Cost (PC) Relevance (FC) •predictive value •confirmatory value •materiality Faithful representation (FC) •complete •neutral •free of error Comparability (EC) Verifiability (EC) Timeliness (EC) Understandability (EC) Cost (PC) US GAAP vs IFRSUS GAAP vs IFRSUS GAAP vs IFRSUS GAAP vs IFRS
    22. 22. IFRS Education and Training, LLC 22 US GAAP IFRS Elements of Financial Statements Assets Liabilities Equity Investment by owners Distribution to owners Revenues Expenses Gains Losses Comprehensive Income Assets Liabilities Equity Capital maintenance (revaluation of assets) Income (Revenues & gains) Expenses (expenses & losses) US GAAP vs IFRSUS GAAP vs IFRSUS GAAP vs IFRSUS GAAP vs IFRS
    23. 23. Financial Statement PresentationFinancial Statement Presentation IAS 1IAS 1
    24. 24. 1. Statement of Financial Position 2. Statement of Comprehensive Income 3. Statement of Changes in Equity 4. Statement of Cash Flows 5. Notes to the Financial Statements Complete Set of Financial StatementsComplete Set of Financial StatementsComplete Set of Financial StatementsComplete Set of Financial Statements
    25. 25. IAS 1 requires an entity to present a statement of financial position as at the beginning of the earliest comparative period in a complete set of financial statements when the entity applies an accounting policy retrospectively or makes a retrospective restatement, as defined in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, or when the entity reclassifies items in the financial statements. IAS 1: Presentation of Financial Statements
    26. 26. US GAAP IFRS Financial Periods Required No requirement. Public companies follow SEC rules. Comparative information must be disclosed Layout of Balance Sheet and Income Statement No general requirement in accordance with specific layout. Public companies follow Regulation S-X IAS 1 Presentation of Financial Statements does not prescribe but lists a minimum items Presentation of debt as current vs. non-current in the balance sheet Debt for which there is a covenant violation MAY be presented as non- current Debt for which there is a covenant violation MUST be presented as current DifferencesDifferencesDifferencesDifferences
    27. 27. US GAAP IFRS Deferred Taxes Deferred taxes are presented as current or non-current based on the nature of the related asset or liability Deferred taxes are reported as non-current Expense classification SEC registrants are required to present based on function. Entities may present expenses based on either function or nature Extraordinary Items Restricted to items that are both unusual and infrequent Prohibited Differences from US GAAPDifferences from US GAAPDifferences from US GAAPDifferences from US GAAP
    28. 28. IFRS are more prescriptive in terms of the specific line items, headings, and subtotals that must be presented. IFRS requires the presentation of a classified balance sheet, with separate sections for current and non-current assets as well as current and non-current liabilities. Under IFRS, presentation in order of increasing liquidity and decreasing liquidity are both common in practice. Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position
    29. 29. An entity shall present all items of income and expense recognised in a period: • In a single statement of comprehensive income, or • In two statements: a statement displaying components of profit or loss and a second statement beginning with profit or loss and displaying components of other comprehensive) Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income
    30. 30. Revenue X Cost of sales (X) Gross profit X Other income X Distribution costs (X) Administrative expenses (X) Other expenses (X) Profit before tax X Function of ExpenseFunction of ExpenseFunction of ExpenseFunction of Expense
    31. 31. Revenue X Other income X Changes in inventories of FG & WIP X Raw materials and consumables used X Employee benefits expense X Depreciation and amortization expense X Other expenses X Total expenses (X) Profit before tax X Nature of ExpenseNature of ExpenseNature of ExpenseNature of Expense
    32. 32. • Published in June 2011 and effective for reporting years beginning on or after July 1, 2012 • Retrospective application • Statement of Profit and Loss and Other Comprehensive Income - not mandatory • OCI section to present items classified and grouped by nature • Must disclose income tax pending on each item IAS 1: Presentation of OCI
    33. 33. • Individual IFRSs specify which gains and losses must be reported in OCI and whether these items must be reclassified. • Reclassification - when gains or losses is recognized in one period and then recognized again in profit and loss in a later period. • Some IFRS require reclassification from OCI (IAS 21 & IAS 39) • Others prohibit reclassification from OCI (IAS 16, IAS 19, IFRS 9) IAS 1: Presentation of OCI
    34. 34. Profit for the year x Other Comprehensive Income Items that will not be reclassified to P&L Actuarial loss on defined benefit plan (X) Income tax X (X) Items that may be reclassified subsequently to to P&L Cash flow hedges (X) AVS financial assets X Income tax (X) X OCI for the year, net of tax X Total OCI for the year X Statement of P&L and OCI (example)
    35. 35. Statement of Changes in EquityStatement of Changes in EquityStatement of Changes in EquityStatement of Changes in Equity Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
    36. 36.  Present information about the basis of preparation of the financial statements and the specific accounting policies used  Provide information that is not presented elsewhere in the financial statements, but is relevant to an understanding of any item.  Disclose the information required by IFRSs that is not presented elsewhere in the financial statements; and • measurement basis used • management’s judgments and assumptions Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements
    37. 37. Heineken slide
    38. 38. ImpairmentImpairment IAS 36IAS 36
    39. 39. 75 Recoverable Future net cash flows which the concept of time value of money is not applied Recoverable Amount •The concept of time value of money is applied DifferencesDifferences
    40. 40. Source: IFRS Partners CA > RA Impairment VIU FV - CS Impairment TestingImpairment Testing
    41. 41.   The carrying amount of a parcel of land is $1,400,000. The appraised fair value is $1,300,000. Costs to sell the asset would be 10% of the FV of the asset. The value in use (PV of discounted future cash flows) (VIU) was determined to be $1,250,000. Fair Value $1,300,000 Less: Costs to Sell 130,000 FV - Costs to Sell (a) $1,170,000 Value in Use (b) $1,250,000 Recoverable Amount Higher or (a or b) $1,250,000 Carrying Amount (CA) $1,400,000 Recoverable Amount (RA) $1,250,000 Impairment (CA - RA) $150,000 Impairment ExampleImpairment Example
    42. 42. External sources of information •Asset’s market value has declined significantly. •Significant changes with an adverse effect on the entity •Market interest rates or other market rates of return on investments have increased during the period •The carrying amount of the net assets of the entity is more than its market capitalisation. Signs of ImpairmentSigns of Impairment
    43. 43. Internal sources of information •Evidence is available of obsolescence or physical damage of an asset. •Significant changes with an adverse effect on the entity have taken place during the period •Evidence is available from internal reporting that indicates that the economic performance of an asset is, or will be, worse than expected. Signs of ImpairmentSigns of Impairment
    44. 44. InventoryInventory IAS 2IAS 2
    45. 45.  GAAP and IFRS are both based on the principle that the primary basis of accounting for inventory is cost.  “Assets held for sale in the ordinary course of business, in the process of production of such sale, or to be consumed in the production of goods and services.”  The cost of inventory includes all direct expenses in order to ready the inventory for sale.  Specific Identification, FIFO, Weighted Average, and the Retail Method are similar under both standards. SimilaritiesSimilarities
    46. 46. US GAAP IFRS LIFO is acceptable method LIFO is prohibited Inventory is carried at LCM. Market is defined as current replacement cost as long as the market is not > NRV (ceiling) and is not less than net realizable value reduced by a normal sales margin (floor) Inventory is carried at the lower of cost and net realizable value. (NRV = estimated selling price less estimated costs to complete and sell) Any write-downs of inventory to LCM creates a new cost basis that can not be reversed. Previously recognized impairment losses are reversed, up to the amount of the original impairment loss when the reason for the impairment no longer exists. DifferencesDifferences
    47. 47. Tin Cup, Inc. sells only one product and the cost of the product is $5 per unit. Example 1: NRV = $4.50 Replacement Cost = $4.65 NRV minus normal profit margin = $4.10 Inventory would be valued at $4.50 under both US GAAP and IFRS Example 2: NRV = $4.50 Replacement Cost = $4.35 NRV minus normal profit margin = $4.10 US GAAP = $4.35 IFRS = $4.50 LCM vs. Lower of Cost and NRVLCM vs. Lower of Cost and NRV
    48. 48. The amount of any write-down of inventories to NRV and all losses of inventories shall be recognised as an expense The amount of any reversal of any write-down of inventories, arising from an increase NRV, shall be recognised as a reduction COGS. Inventory MeasurementInventory Measurement
    49. 49. Spacely Space Sprockets, Inc. (SSSI) starts with no inventory in 20X7. The following occur: 2007, purchases 1,000 units for $5.75 and sells 800 units. 2008, purchases 900 units for $6.00 and sells 800 units. 2009, purchases 1,100 units for $6.75 and sells 800 units 2010, no purchases, sells 500 units $ per unit at year end 2007 2008 2009 2010 Est. Selling $ $9.00 $7.00 $7.00 $8.00 Est. Cost to Complete and Sell $1.00 $1.00 $1.00 $1.00 NRV $8.00 $6.00 $6.00 $7.00 ExampleExample
    50. 50. 2007 2008 2009 2010 Historical Cost $1,150 $1,800 $4,050 $675 NRV $1,600 $1,800 $3,600 $700 Carrying Value $1,150 $1,800 $3,600 $675 Calculations 2007: EI 200 units @ $5.75 = $1,150 NRV 200 units @ $8.00 = $1,600 2008: EI 300 units @ $6.00 = $1,800 NRV 300 units @ $6.00 = $1,800 2009: EI 600 units @ $6.75 = $4,050 NRV 600 units @ $6.00 = $3,600 2010: EI 100 units @ $6.75 = $675 NRV 100 units @ $7.00 = $700 Solution (FIFO)Solution (FIFO)
    51. 51. InventoryInventory 5,750 4,600 1,150 5,400 4,750 1,800 7,425 5,175 4,050 450 3,600 0 600 75 675 EI 2007 EI 2008 EI 2009 ADJEI 2009 ADJEI 2010 T-AccountT-Account 3,000
    52. 52. Property, Plant, andProperty, Plant, and EquipmentEquipment IAS 16IAS 16
    53. 53.  “Tangible assets held for use that are expected to be used for more than one accounting period.”  The cost of the asset includes all costs incurred in order to get the asset ready for use – historical cost  Both methods do not allow the capitalization of start-up costs, G&A and overhead costs, or regular maintenance.  Depreciation of PP&E is required  Requires interest costs to be capitalized as part of the cost of the qualifying asset. (IAS 23 Revised in 2009) SimilaritiesSimilarities
    54. 54. US GAAP IFRS No annual review of the depreciation method required. The depreciation method applied to an asset shall be reviewed at least at each financial year-end Component depreciation is permitted but not common Component depreciation is required if components of an asset have differing patterns of benefit Revaluation is not permitted Revaluation is a permitted alternative accounting election for an entire class of assets, requiring revaluation to fair value on a regular basis. DifferencesDifferences
    55. 55. “An entity shall choose either the cost model or the revaluation model as its accounting policy and shall apply that policy to an entire class of property, plant and equipment.” Measurement After RecognitionMeasurement After Recognition
    56. 56. After recognition as an asset, an item of property, plant and equipment shall be carried at its cost less any accumulated depreciation and any accumulated impairment losses. Cost ModelCost Model
    57. 57. Fair Value Revaluations shall be made with sufficient regularitysufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.“ Revaluation ModelRevaluation Model
    58. 58. The following are examples of separate classes: Land Land and buildings Machinery Ships Aircraft Motor vehicles Furniture and fixtures Office equipment Class of PPEClass of PPE
    59. 59. Revaluation Increases Revaluation Decreases 0 Decreases > RSA 0 Balance = Loss on P&L Revaluation Increase or DecreaseRevaluation Increase or Decrease
    60. 60. In 2011, ACME, Inc. purchased a parcel of land that is uses as a parking lot for its employees. ACME purchased this land for $1,200,000. Land $1,200,000 Cash $1,200,000 Revaluation ExampleRevaluation Example
    61. 61. In 2013, ACME decided to revalue its land in accordance with IAS 16. The company hired an appraiser who determined that the land had a fair market value of $1,300,000. Land $100,000 Revaluation Reserve (OCI) $100,000 Revaluation ExampleRevaluation Example
    62. 62. In 2015, ACME the market value of the land decreased by 15% $1,105,000 (FV $1,300,000 – $195,000) Revaluation Reserve $100,000 Revaluation Loss $95,000 Land $195,000 LandLand $1,200,000$1,200,000 $100,000$100,000 $1,300,000$1,300,000 $195,000$195,000 $1,105,000$1,105,000 Revaluation ReserveRevaluation Reserve $100,000$100,000 $100,000$100,000 Revaluation ExampleRevaluation Example
    63. 63. Accumulated Depreciation for a Revalued Asset can either be: Restated proportionally so that the carrying amount of the revalued asset equals it revalued amount, OR •Eliminated against the gross carrying amount (net method) Accumulated DepreciationAccumulated Depreciation
    64. 64. Scooby Doo, Inc. (SDI) purchased a building for $300,000 in January 2003. The building was being depreciated at $10,000 per year (S/L for 30 yrs). December 2007, SDI had recorded $50,000 of accumulated depreciation on the building and the book value of the building is $250,000. SDI, decided to revalue it assets and receive a fair value appraisal of $375,000 on the building as of January 1, 2008. ExampleExample
    65. 65. Appraised value suggests a 50% increase over the historical cost book value. The gross asset and accumulated depreciation should both be written up by that proportion. Building ($300,000 X 50%) $150,000 Accumulated Depreciation ($50,000 X 50%) $25,000 Revaluation Surplus $125,000 Before After Building $300,000 $450,000 A/D ($50,000) ($75,000) BV $250,000 $375,000 Proportional Method ExampleProportional Method Example
    66. 66. The accumulated depreciation account will be reduced to zero and the building will reflect the entire FMV appraisal Building $75,000 Accumulated Depreciation $50,000 Revaluation Surplus $125,000 Before After Building $300,000 $375,000 A/D $50,000 ($0) BV $250,000 $375,000 Net Method ExampleNet Method Example
    67. 67. LeasesLeases IAS 17IAS 17
    68. 68. Recognition as either a finance lease or an operating lease. The party that bears substantially all the risks and rewards of ownership of the leased property to recognize the leased asset and corresponding liability. Measured at the lower of the PV of the minimum lease payments or the fair value of the asset. Criteria to help make the determination between a finance lease and an operating lease. Lease contains a bargain purchase option. The lease transfers ownership of the property to the lessee by the end of the lease term LeasesLeases
    69. 69. US GAAP IFRS Requires a capital lease treatment if the lease term is equal to or greater than 75% of the assets economic life Requires a finance lease treatment if the lease term is for the major part of the economic life of the asset even of the title is not transferred. Requires a capital lease treatment if the PV of the minimum lease payments exceeds 90% of the assets fair value. Requires a finance lease treatment if at the inception of the lease the present value of the minimum lease payments amounts to at least substantially all of the fair value of the leased asset Current DifferencesCurrent Differences
    70. 70. Source: IFRS Partners Lease term (% of asset life) Operating Lease 0% to 74.99% FMLV (% of FV of asset) 0% to 89.99% Capital Lease Lease term (% of asset life) 75%+ FMLV (% of FV of asset) 90%+ Bright Line U.S. GAAPU.S. GAAP
    71. 71. Source: IFRS Partners IFRSIFRS
    72. 72. Intangible AssetsIntangible Assets IAS 38IAS 38
    73. 73. US GAAP IFRS Development costs are expensed as incurred unless addressed by a separate standard. Development costs related to computer software developed for external use are capitalized once technological feasibility is established. Internal use software development, only those costs incurred during the application development stage may be capitalized. Development costs are capitalized when technical and economic feasibility of a project can be demonstrated in accordance with specific criteria: demonstrating technical feasibility, intent to complete the asset, and ability to sell the asset in the future. There is no separate guidance addressing computer software development costs. Differences
    74. 74. Goodwill Impairment- IFRS The Standard permits:  The annual impairment test for a cash-generating unit (group of units) to which goodwill has been allocated to be performed at any time during an annual reporting period, provided the test is performed at the same time every year.  Different cash-generating units (groups of units) to be tested for impairment at different times. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets
    75. 75. Revenue RecognitionRevenue Recognition IAS 18IAS 18
    76. 76. Revenue Recognition U.S. GAAP revenue recognition guidance is extensive and includes a number of standards issued by the FASB, EITF, AICPA, and the SEC. This guidance tends to be detailed and industry specific. IFRS has ONE primary revenue standards, four revenue focused interpretations, and seven scope exclusions. The broad principles laid out in IFRS are generally applied without further guidance or exceptions for specific industries.
    77. 77. First-time Adoption ofFirst-time Adoption of International Financial ReportingInternational Financial Reporting StandardsStandards IFRS 1IFRS 1
    78. 78.  Is transparent for users and comparable over all periods presented;  Provides a suitable starting point for accounting IFRSs and;  Can be generated at a cost that does not exceed the benefits to users ObjectiveObjectiveObjectiveObjective
    79. 79. An entity shall apply this IFRS in: •Its first IFRS financial statements; and •Each interim financial, if any, that presents under IAS 34 Interim Financial Reporting for part of the period covered by its first IFRS financial statements. •There must be an explicit and unreserved statement of compliance with IFRSs in the first set of IFRS prepared financial statements. ScopeScopeScopeScope
    80. 80. There is full retrospective application of all IFRS standards in effect as of the closing of the balance sheet date (reporting date) to a company’s first IFRS statements. Key PrincipleKey PrincipleKey PrincipleKey Principle
    81. 81. IFRS 1 requires companies to: 1.Identify the first IFRS financial statements 2.Prepare an opening statement of financial position at the date of transition to IFRS 3.Select accounting policies that comply with IFRS, and those policies retrospectively to all periods presented 4.Consider whether to apply any of the 20 optional exemptions and four short-term exemptions from retrospective application. 5.Apply the seven mandatory exemptions from retrospective application. 6.Make extensive disclosures to explain the transition. First Set of IFRS Financial StatementsFirst Set of IFRS Financial StatementsFirst Set of IFRS Financial StatementsFirst Set of IFRS Financial Statements
    82. 82. Transition date is identified as the beginning of the earliest period for which full comparative information is presented in accordance with IFRS. Reporting date is defined as the closing balance sheet for the first IFRS statements. Important DatesImportant DatesImportant DatesImportant Dates
    83. 83. IFRS Education and Training, LLC Financial Statement 1/1/16 12/31/16 12/31/17 12/31/18 Statement of Financial Position X X X X Statement of Comprehensive Income X X X Statement of Changes in Stockholders Equity X X X Statement of Cash Flows X X X IFRS Reporting Date 12/31/18
    84. 84. An entity shall, in its opening IFRS statement of financial position: Recognise all assets and liabilities whose recognition is required by IFRSs; Not recognise items as assets or liabilities if IFRSs do not permit such recognition; Reclassify items that it recognised in accordance with previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with IFRSs; and Apply IFRSs in measuring all recognised assets and liabilities. Opening IFRS Statement of FinancialOpening IFRS Statement of Financial PositionPosition Opening IFRS Statement of FinancialOpening IFRS Statement of Financial PositionPosition
    85. 85. The Board has identified 20 optional exemptions, 4 short-term exemptions, and 7 mandatory exemptions in order to provide companies some relief from the cost of full retrospective application. Cost Benefit ReliefCost Benefit ReliefCost Benefit ReliefCost Benefit Relief
    86. 86. 1. Business Combinations 2. Share-based payment transactions 3. Insurance contracts 4. Fair Value Deemed as cost 5. Leases 6. Cumulative translation differences 7. Investments in subsidiaries, jointly controlled entities, and associates 8. Assets and liabilities of subsidiaries, associates, and joint ventures 9. Compound financial instruments 20 Optional Exemptions20 Optional Exemptions20 Optional Exemptions20 Optional Exemptions
    87. 87. 10.Designation of previously recognized financial instruments 11.Assets and liabilities measured at fair value 12.Fair value measurement of financial assets or financial liabilities at initial recognition 13.Decommissioning liabilities included in the cost of property, plant, and equipment 14.Financial assets or intangible assets accounted for in accordance with IFRIC 12, Service Concession Arrangements 15.Borrowing costs 16.Transfer of assets from customers 17.Extinguishing financial liabilities with equity instruments 18.Hyperinflation 19.Joint arrangements and impairment test 20.Stripping costs in the production phase of a surface mine 20 Optional Exemptions20 Optional Exemptions20 Optional Exemptions20 Optional Exemptions
    88. 88. 1. Certain first-time adopters can avail themselves from the requirement to restate comparative information for IFRS 9 2. Entities that choose not to comply with IFRS 7 and IFRS 9 in their first year of transition 3. Use of the IFRS 7 transition provisions for financial instrument disclosures 4. Use of the IAS 19 transition provisions for financial instrument disclosures Short-term Exemptions from IFRSsShort-term Exemptions from IFRSsShort-term Exemptions from IFRSsShort-term Exemptions from IFRSs
    89. 89. 1.Estimates 2.Financial assets and financial liabilities derecognition; 3.Hedge accounting; 4.Non-controlling interests; 5.Classification and measurement of financial assets; 6.Embedded derivatives; and 7.Government loans. Seven Mandatory ExemptionsSeven Mandatory ExemptionsSeven Mandatory ExemptionsSeven Mandatory Exemptions
    90. 90. 2009
    91. 91. IFRS for SME’s
    92. 92. 6 IFRS for SMEIFRS for SME’’ssIFRS for SMEIFRS for SME’’ss
    93. 93. The AICPA's governing Council on May 18, 2008 Amended Rules 202 & 203 of the Code of Professional Conduct to recognize the IASB as an accounting standard setter and allow a member to express an opinion on financial statements that are prepared using IFRS or IFRS for SME’s as promulgated by the IASB This gives U.S. private companies the choice whether to adopt IFRS for SME’s. AICPAAICPAAICPAAICPA
    94. 94. IFRS for SMEs is a self-contained standard of about 230 pages tailored for the needs and capabilities of smaller businesses. 2nd Half of 2012 begin reviewing IFRS for SME’s (update) ED mid 2013 Final amendments by 1st half 2014 Effective date by 2015 4 - 5 year stable platform Issued July 2009Issued July 2009Issued July 2009Issued July 2009
    95. 95. An SMEs is defined by the IASB as entities that: •Do not have public accountability, but •Do publish general purpose financial statements for external users. The breadth of the definition depends on the words “public accountability” Definition of SMEDefinition of SMEDefinition of SMEDefinition of SME
    96. 96. For purposes of the SME standard, an entity has public accountability if it meets either of the following two criteria: •Debt or equity instruments are traded or going to be traded in a public market,. •Entity holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses Public AccountabilityPublic AccountabilityPublic AccountabilityPublic Accountability
    97. 97. Section 1: Small and Medium-Sized Entities Section 2: Concepts and Pervasive Principles Section 3: Financial Statement Presentation Section 4: Statement of Financial Position Section 5: Statement of C-Income and Income Statement Section 6: Statement of Changes in Equity and Statement of Income and Retained Earnings Section 7: Statement of Cash Flows Section 8: Notes to the Financial Statements Section 9: Consolidated and Separate Financial Statements Section 10: Accounting Policies, Estimates and Errors Section 11: Basic Financial Instruments 35 Sections35 Sections35 Sections35 Sections
    98. 98. Section 12: Other Financial Instruments Issues Section 13: Inventories Section 14: Investments in Associates Section 15: Investments in Joint Ventures Section 16: Investment Property Section 17: Property, Plant and Equipment Section 18: Intangible Assets Other Than Goodwill Section 19: Business Combinations and Goodwill Section 20: Leases Section 21: Provisions and Contingencies Section 22: Liabilities and Equity Section 23: Revenue 35 Sections35 Sections35 Sections35 Sections
    99. 99. Section 24: Government Grants Section 25: Borrowing Costs Section 26: Share-Based Payment Section 27: Impairment of Assets Section 28: Employee Benefits Section 29: Income Tax Section 30: Foreign Currency Translation Section 31: Hyperinflation Section 32: Events after the End of the Reporting Period Section 33: Related Party Disclosures Section 34: Specialized Activities Section 35: Transition to the IFRS for SMEs 35 Sections35 Sections35 Sections35 Sections
    100. 100. Biggest challenges may be a cultural one Requires more judgment and less reliance on detailed rules and “bright lines” Companies will be required to understand base principles and objectives, how judgments are made, and how they are applied IFRS for SMEIFRS for SME’’ssIFRS for SMEIFRS for SME’’ss
    101. 101. The biggest impacts of the transition to IFRS may be in areas other than accounting, such as: •systems requirements, •controls, •training, •resources, •banking covenants, •legal agreements, •compensation arrangements, etc. Impact of IFRS for SMEImpact of IFRS for SME’’ssImpact of IFRS for SMEImpact of IFRS for SME’’ss
    102. 102. AICPA-IFRS for SME – US GAAP comparison tool: Http://wiki.ifrs.com Free download of SME standards: http://go.iasb.org/IFRSforSMEs Download (3 PDFs) includes: •Standard •Illustrative financial statements and disclosure checklist •Basis for conclusions ResourcesResourcesResourcesResources
    103. 103. Big Bang TheoryVideo
    104. 104. Peter A. Margaritis, CPA, CGMA peter@petermargaritis.com 614.668.2936 Twitter: @pmargaritis LinkedIn: http://www.linkedin.com/pub/peter- margaritis-cpa-cgma-macc/2/273/13 www.petermargaritis.com
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