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Journey to IFRS
Momentum for a Global GAAP Global GAAP Enhances Transparency and Comparability Facilitates Accounting and Reporting Reduces Cost of Capital
The economics of IFRS – CFO.com ,[object Object]
History ,[object Object],[object Object],[object Object],[object Object],[object Object]
IFRS – A truly global accounting standard 137 32 IFRS not permitted for domestic listed companies 4 IFRS required for some domestic listed companies 24 IFRS permitted for domestic listed companies 77 IFRS required for all domestic listed companies Number of countries Domestic listed companies
Evolution of IFRS IASC 2001 to 2005 ACCOUNTING STANDARD SETTERS INTERNATIONAL REGULATORS IAS – Core Standards Program 2006 to 2007 Future IASB FASB IASB/FASB? Norwalk Agreement Memorandum of Understanding IOSCO EU Mandate European Commission CESR CESR Equivalency ? 2000 and Prior
IFRS in the world ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source IASB
Global IFRS reporting trends ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],IFRS Drivers and Potential Benefits
Why IFRS in India? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Public interest entities – IFRS In India in first wave to cover following entities ,[object Object],[object Object],[object Object],[object Object],[object Object]
Calendar for IFRS Conversions ,[object Object],[object Object],[object Object],Opening IFRS balance sheet * 01/04/2011 31/03/2012 1/4/2010 Reporting date Date of transition to IFRS IFRS Comparatives 1st IFRS Financial Statements * For a March year-end, adopting IFRS in 2011 with one year comparative
Issuer Considerations Prior to Adopting IFRS Diagnostic Review of Financial Reporting and IT Assess Employee Skill Set Costs of Implementation Regulatory body/Other Local Statutory Reporting Analysts/Investors/ Competitors External Drivers Internal Drivers Conversion to IFRS
IFRS conversion dimensions – more than a change in accounting policy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Conversion scope / content IFRS conversion will impact all levels of accounting in a business. IFRS conversions will impact several areas of the business outside of the accounting function A top level conversion to IFRS may not be sufficient Organization Technology Process Changes in Presentation New Valuation Rules Additional Disclosure Requirements IFRS Conversion ERP Environment Financial Systems Architecture
Key challenges ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
IFRS conversion approach ,[object Object],[object Object],[object Object],[object Object],Diagnostic ,[object Object],[object Object],[object Object],[object Object],Preparation ,[object Object],[object Object],[object Object],[object Object],Implementation
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Scope & complexity should not be underestimated…
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],IFRS conversion: Not just an accounting exercise— Comments from a CFO
Domains – Business Areas Covered An Illustrative Example Value chain Support Functions Business impact of IFRS Business impact of IFRS Accounting Differences Human Resources Transactions IT Tax Risk Management/ Compliance Finance and Accounting Performance Management Legal Investor relations Treasury Sales / Marketing New Product Development Trading Customer Relationships Hedging / Risk Management Securitization Activity Asset / Liability Management Minimal Moderate Significant IFRS Conversion is not just an accounting exercise

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  • 2. Momentum for a Global GAAP Global GAAP Enhances Transparency and Comparability Facilitates Accounting and Reporting Reduces Cost of Capital
  • 3.
  • 4.
  • 5. IFRS – A truly global accounting standard 137 32 IFRS not permitted for domestic listed companies 4 IFRS required for some domestic listed companies 24 IFRS permitted for domestic listed companies 77 IFRS required for all domestic listed companies Number of countries Domestic listed companies
  • 6. Evolution of IFRS IASC 2001 to 2005 ACCOUNTING STANDARD SETTERS INTERNATIONAL REGULATORS IAS – Core Standards Program 2006 to 2007 Future IASB FASB IASB/FASB? Norwalk Agreement Memorandum of Understanding IOSCO EU Mandate European Commission CESR CESR Equivalency ? 2000 and Prior
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12. Issuer Considerations Prior to Adopting IFRS Diagnostic Review of Financial Reporting and IT Assess Employee Skill Set Costs of Implementation Regulatory body/Other Local Statutory Reporting Analysts/Investors/ Competitors External Drivers Internal Drivers Conversion to IFRS
  • 13.
  • 14.
  • 15.
  • 16.
  • 17.
  • 18. Domains – Business Areas Covered An Illustrative Example Value chain Support Functions Business impact of IFRS Business impact of IFRS Accounting Differences Human Resources Transactions IT Tax Risk Management/ Compliance Finance and Accounting Performance Management Legal Investor relations Treasury Sales / Marketing New Product Development Trading Customer Relationships Hedging / Risk Management Securitization Activity Asset / Liability Management Minimal Moderate Significant IFRS Conversion is not just an accounting exercise