IFRS A U.S. Preparer’s Perspective

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Presentation transcript:

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 Principles-based vs. rules-based standards Increase use of professional judgment

IFRS Adoption in US Conceptual Timeline/Milestones IASB/FASB Convergence …2008 Statutory Analysis Codification 2009-2010 SAC Policies Education Governance Systems 2011-2012 SAC PEGS Parallel Reporting Controls 2013 FS Reporting Accelerated Filers Compulsory 2018 All Issuers 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

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