1 / 5

Challenges and Strategies for IFRS Adoption in the U.S.: A Preparer’s Perspective

This article explores the significant challenges faced by U.S. companies in adopting IFRS, as highlighted by Kevin McBride, Controller at Intel Corporation. Key issues include substantial differences in accounting standards, the extensive work required for adoption, and the complexities introduced by convergence projects. Additionally, the shift from a rules-based to a principles-based framework necessitates greater professional judgment. The discussion outlines a timeline for implementation, emphasizing the need for robust education, governance, and system changes to ensure successful IFRS adoption.

thea
Télécharger la présentation

Challenges and Strategies for IFRS Adoption in the U.S.: A Preparer’s Perspective

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related