Taking lessons learned from Y2K, SOX and ever-improving advances in IT governance, Denise will outline the system impacts of IFRS using the Six Elements of Infrastructure as a guide. This session will cover preparations being made by major ERP systems and consolidation for IFRS, system strategies an organization should consider, implications of the change on data integrity, interfaces, storage, conversion and retrieval, and the effect on continuous control monitoring, change management and security activities in the accounting, IT and audit functions.
Migration to IFRS will significantly impact an organization's process and controls. Having a structured roadmap and testing the effectiveness of new processes and controls will define the success of conversion to IFRS. The internal audit and IT/IS divisions should provide direction and leadership for the organization to ensure smooth conversion process. To streamline control structure and control environment, organization should assess and quantify the impact of IFRS, and make appropriate changes to process, controls and information systems. In this context, this session will discuss specific business processes and internal controls that organizations must consider in their conversion plans. Speakers will provide a roadmap and methodology to address the conversion process that mitigates control issues, to test the efficiency and effectiveness of the conversion, and to develop and implement a risk assessment and management strategy for the conversion. The session will identify specific impact on key performance indicators cons in order to properly assist with and test IFRS-related processes and internal controls. In discussing these issues, speakers will provide resource guidance from available best practices, models and frameworks.
Starting with the SEC Roadmap for IFRS adoption in the US, we will highlight the "data quality and governance issues" pertinent to an IFRS reporting context using examples from the accounting treatment for financial instruments (i.e., fair value reporting) and the governance implications in terms of risk management, and internal and external auditing. When the underlying data accuracy, consistency and reliability are compromised there is a clear increase in the "information for decision making risk" that adversely impacts effective governance. Material weaknesses in internal controls traced back to data quality issues signal ineffective audit committee oversight of financial reporting processes and point to corporate governance failures. The presenters will also discuss interpretation of PCAOB's Auditing Standard No. 5 by internal and external auditors in such a context.
This session will explore how technology can play a major role in your IFRS implementation plans. Symposium participants will learn how Extensible Business Reporting Language (XBRL) is reinventing the way businesses transmit and use data and why the SEC is promoting XBRL for companies to report financial information. The session will conclude with discussion of a practical approach for implementing XBRL with IFRS and an online demo of how XBRL can be used for financial reporting and analytical purposes.
Movement toward a single set of global accounting standards is quickly gaining momentum. More than 100 countries now use IFRS, and all major countries are expected to adopt or allow IFRS within next three years or so. This session will cover an overview of perceived benefits and costs out of pre-adoption of IFRS in EU as well as the lesson learnt in post-adoption scenario. The session will also provide an illustrative view of IFRS adoption roadmap, a prescriptive framework and key focus areas from an external auditor's perspective. It will discuss the impacts of IFRS beyond statutory accounting/ reporting and will touch upon key application, technology, system considerations and potential approaches. It will also touch upon the recent SEC developments, some high level differences from US GAAP and latest SEC comments on filing of IFRS financial statement.