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IFRS A U.S. Preparer’s Perspective

IFRS A U.S. Preparer’s Perspective. Kevin McBride Accounting Policy Controller Intel Corporation. Challenges To IFRS Adoption. Substantial differences in certain areas Considerable work to adopt IFRS Convergence projects adds uncertainty and complexity Not just an accounting exercise

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IFRS A U.S. Preparer’s Perspective

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  1. IFRS A U.S. Preparer’s Perspective Kevin McBride Accounting Policy Controller Intel Corporation

  2. Challenges To IFRS Adoption • Substantial differences in certain areas • Considerable work to adopt IFRS • Convergence projects adds uncertainty and complexity • Not just an accounting exercise • Principles-based vs. rules-based standards • Increase use of professional judgment

  3. IFRS Adoption in USConceptual Timeline/Milestones IASB/FASB Convergence 2018 All Issuers Compulsory …2008 Statutory Analysis Codification 2009-2010 SAC Policies Education Governance Systems 2011-2012 SAC PEGS Parallel Reporting Controls 2013 FS Reporting Accelerated Filers Compulsory SEC Transition Framework • Lock-down agenda and form of final standards • Transition framework is critical • Consistent global application uncertain • Overcome our rules-based culture Significant changes required during next five years

  4. Transition Framework Report and Disclose IFRS Educate Users Implement IFRS, Systems and Processes System Specifications Changes Business Process Changes Identify Differences Educate Decision Makers Select Policies Model IFRS FS The Adoption The Implementation The Change The Competency

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