IFRS Institute Webcast. First-time Adoption of IFRS (IFRS 1) Administrative
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1 IFRS Institute Webcast First-time Adoption of IFRS (IFRS 1) April 24, 2013 Administrative CPE regulations require online participants take part in online questions. Participants are required to respond to a minimum of four questions in order to be eligible for CPE credit. Results will be reviewed in aggregate and may be published as a pulse survey of the marketplace in the aggregate. Please note that no responses will be tracked back to any individual or organization. Send questions via the Ask a Question button. Help Desk: or outside the United States at
2 Today s presenters John McGaw Partner Accounting Change Services Practice Leader, KPMG LLP Holger Erchinger Audit Partner National Office, KPMG LLP Natalie Lam Senior Director Accounting Policy, Tishman Speyer, New York 2 IFRS adoption Tishman Speyer s perspectives Global standards for financial reporting Comparability of financial information Attract capital outside the United States Compete abroad Increasing requests from investors to obtain financial information prepared on the basis of IFRS (International Financial Reporting Standards) 3 2
3 IFRS 1 First-time Adoption of IFRS 4 IFRS 1 First-time Adoption of IFRS Overview IFRS 1 contains all of the transitional recognition, measurement, presentation, and disclosure requirements applicable for a first-time adopter of IFRS. Accounting policies are chosen from IFRS s effective at the first annual IFRS s reporting date. Generally, those accounting policies are applied retrospectively in preparing the opening statement of financial position and in all periods presented in the first IFRS financial statements with certain mandatory exceptions and optional exemptions. 5 3
4 Polling question 1 In my job, I am a: a) Preparer b) User c) Auditor d) Academic e) Other 6 When to apply IFRS 1 Apply IFRS 1: In any interim financial statements for a period covered by those financial statements that are prepared under IFRS In the first set of financial statements that contain an explicit and unreserved statement of compliance with IFRS. 7 4
5 Transition date Date of transition = opening IFRS statement of financial position First IFRS reporting date Comparative period Comparative period First IFRS financial statements Jan 1, 2012 Dec 31, 2012 Dec 31, 2013 Dec 31, 2014 IFRS 1 requires at least one year comparatives plus an opening statement of financial position at the beginning of the earliest comparative period. 8 General requirements Step 1 Select IFRS accounting policies: Latest version of standards only May early adopt standards that have been issued but not yet effective Step 2 Recognize/derecognize where necessary, for example: Recognize provisions Derecognize capitalized advertising cost 9 5
6 General requirements (continued) Step 3 Remeasure, for example: Basis same, but measured differently (e.g., IFRS cost U.S. GAAP cost) Basis changed (e.g., from cost to fair value) Discounting is required/prohibited (e.g., provisions, impairments) Step 4 Reclassify, for example: Between captions (e.g., debt/equity, current vs. noncurrent) 10 The opening IFRS statement of financial position Adjustments as a result of applying IFRS for the first time Retained earnings Exemptions Another equity category Goodwill 11 6
7 The opening IFRS statement of financial position (continued) Generally, apply IFRS retrospectively Mandatory exceptions Optional exemptions 12 Polling question 2 My organization is: a) A domestic SEC registrant with more than 50% of our operations conducted internationally b) A domestic SEC registrant with more than 25% but less than 50% of our operations conducted internationally c) A domestic SEC registrant with less than 25% of our operations conducted internationally d) A private U.S. entity with more than 50% of our operations conducted internationally e) A private U.S. entity with less than 50% of our operations conducted internationally f) A foreign private issuer (SEC registrant) g) N/A (users, academic, other) 13 7
8 Accounting policies Tishman Speyer s perspective Opportunity to make new accounting policy choices (e.g., fair value vs. cost for investment properties) Assessment based on user needs, resources available (now and later), and costs Consider early adoption to save future implementation costs (one-time vs. multiple times) 14 Mandatory exceptions Derecognition of financial instruments Hedge accounting Noncontrolling interests Classification and measurement of financial assets Embedded derivatives Government loans Estimates IFRS and IFRS 1 Appendix B 15 8
9 Knowledge check 3 Which of the following statements is correct? a) IFRS 1 requires retrospective application of all IFRS standards and interpretations. b) IFRS 1 requires prospective application of all IFRS standards and interpretations beginning as of the date of transition to IFRS. c) IFRS 1 requires retrospective application of all IFRS standards and interpretations with certain mandatory exceptions and optional exemptions. d) IFRS 1 contains an option to apply all IFRS standards and interpretations beginning as of the date of transition to IFRS on a prospective basis. 16 Debrief Knowledge check 3 a) Incorrect. IFRS 1 does not require retrospective application of all IFRS standards and interpretations. b) Incorrect. IFRS 1 does not require prospective application of all IFRS standards and interpretations beginning as of the date of transition to IFRS. c) Correct. IFRS 1 requires retrospective application of all IFRS standards and interpretations with certain mandatory exceptions and optional exemptions. d) Incorrect. IFRS 1 does not contain an option to apply all IFRS standards and interpretations beginning as of the date of transition to IFRS on a prospective basis. 17 9
10 Estimates in the opening IFRS statement of financial position Estimates under U.S. GAAP Use information available at the date of transition to IFRSs (i.e., no hindsight) Conditions arising after the date of transition Apply also to the end of the comparative period 18 Overview of optional exemptions Business combinations Share-based payment transactions Insurance contracts Deemed cost Leases Cumulative translation differences Investments in subsidiaries, jointly controlled entities, and associates Assets and liabilities of subsidiaries, associates, and joint ventures Compound financial instruments Designation of previously recognized financial instruments Fair value measurement of financial assets/liabilities at initial recognition Decommissioning liabilities for property, plant, and equipment Service concession arrangements Borrowing costs Transfers of assets from customers Extinguishing financial liabilities with equity instruments Severe hyperinflation Joint arrangements Stripping costs IFRS 1 Appendix C and Appendix D 19 10
11 Business combinations Transition date Jan 1, 2012 Dec 31, 2014 No restatement Restate all business combinations using IFRS Criteria for exemption: Free choice no undue cost or effort; but If one business combination is restated, all those occurring after that date must be restated Applies also to interests in associates and joint ventures 20 Cumulative Translation Adjustment (CTA) At the date of transition to IFRS Option not to recognize any CTA in the opening IFRS statement of financial position for foreign operations (also applies to associates and joint ventures) 21 11
12 Property, plant, and equipment (PPE) Deemed cost Optional exemption if IFRS is not retrospectively applied Fair value Event-driven valuation Previous GAAP revaluation Investment property and intangible assets: As for property, plant, and equipment but additional criteria (also available for oil and gas exploration and evaluation assets) 22 Knowledge check 4 Which of the following statements is correct regarding the deemed cost optional exemption under IFRS 1? a) The optional exemption allows the U.S. GAAP recognition and measurement for all current and noncurrent assets to be carried over for IFRS purposes as of the date of transition of IFRS. b) The optional exemption allows for recognition and measurement at fair value as of the date of transition of PPE on an item-by-item basis. c) The optional exemption is rarely applied in practice. d) The optional exemption can be applied to all nonfinancial assets
13 Debrief Knowledge check 4 a) Incorrect. The optional exemption does not allow for U.S. GAAP recognition and measurement to be carried over for IFRS purposes for all current and noncurrent assets as of the date of transition of IFRS. b) Correct. The optional exemption allows for recognition and measurement at fair value as of the date of transition of PPE on an item-by-item basis. c) Incorrect. The optional exemption is frequently applied in practice. d) Incorrect. The optional exemption can be applied to PPE, intangible assets, investment properties (accounted for at cost), and oil and gas exploration and evaluation assets. 24 Key accounting considerations Tishman Speyer s perspective Classification and measurement of real estate assets (IAS 40, Investment Properties, vs. IAS 2, Inventories ) IFRS 10, Consolidated Financial Statements IFRS 11, Joint Arrangements IFRS 12, Disclosure of Interests in Other Entities Presentation of debt vs. equity (IAS 32) 25 13
14 Classification and measurement of real estate assets Classification IAS 40, Investment Properties, or Trading Properties under IAS 2, Inventories Difficult to reclassify subsequently More important for real estate development properties Measurement Fair value vs. cost Performance calculation Deferred tax considerations 26 IFRS 10, IFRS 11, and IFRS 12 Practical considerations Consolidation analysis reassess control under IFRS 10 Reassess joint ventures/joint arrangements Identify key differences under U.S. GAAP and IFRS Consider early adoption 27 14
15 Presentation of debt vs. equity (IAS 32) IAS 32 contains specific definitions of equity and financial liabilities. Equity may need to be reclassified as debt under IFRS if an entity has: 1. A limited life and 2. Promotes structure/disproportionate distributions. Distribution of return on capital will be considered as interest expense or financing cost. 28 Disclosures First IFRS financial statements January 1, 2013 December 31, 2013 December 31, 2014 U.S. GAAP restated t to IFRS IFRS Comprehensive income reconciliation Opening IFRS statement of financial position The end of the 1 st IFRS reporting period Equity reconciliations 29 15
16 Additional considerations regarding presentation and disclosure Comparative financial statements Additional disclosure requirements (e.g., financial instrument risk exposure includes qualitative and quantitative disclosures regarding credit risk, liquidity risk, market risk, interest rate risk, and currency risk) Interest rate and foreign currency sensitivity analysis on financial instruments (e.g., for interest rate swaps and foreign currency forward contracts) Maximum exposure to credit risk on financial assets Contractual maturities of all financial liabilities Fair value measurement First-time time adoption reconciliation footnote 30 Key points of IFRS 1 IFRS 1 sets out all transitional requirements and exemptions available on the firsttime adoption of IFRS. An opening statement of financial position is prepared at the date of transition to IFRS. Accounting policies are chosen from IFRS in effect at the reporting date. There are certain mandatory exceptions from retrospective application of IFRS A number of optional exemptions are available. IFRS 1 is a work in progress
17 First-time adoption Impact areas Accounting and reporting Accounting differences Reporting differences Tax differences Effect on statutory reporting Effect on regulatory reporting Business Contracts and agreements Management compensation Communication to financial markets Customer and supplier relationships Budget and management reporting Systems and processes General ledger and subledgers Data collection Impact on ERP system Reporting package and consolidation People Skills of individuals Training i strategy t Change to roles and responsibilities Additional workload during conversion Project interdependencies 32 Knowledge check 5 Which of the following statements is correct regarding first-time adoption of IFRS? a) First-time time adoption of IFRS primarily is an accounting exercise. b) First-time adoption of IFRS involves various impacted areas depending on the nature and complexity of the business model and reporting entity. c) First-time adoption of IFRS may confuse users because IFRS 1 does not require comparative periods to be restated. d) First-time adoption of IFRS from U.S. GAAP usually does not lead to reconciling differences
18 Debrief Knowledge check 5 a) Incorrect. First-time adoption of IFRS is not only an accounting exercise but involves other impacted areas such as business, people, systems, and processes. b) Correct. First-time adoption of IFRS involves various impacted areas depending on the nature and complexity of the business model and reporting entity. c) Incorrect. IFRS 1 includes a requirement for comparative periods. d) Incorrect. Transitioning from U.S. GAAP to IFRS frequently will lead to reconciling differences. 34 KPMG Institutes and training About the KPMG IFRS Institute The KPMG IFRS Institute, part of the KPMG Institute Network, has been created as an open forum where board and audit committee members, executives, management, stakeholders, academia, and government representatives can share knowledge, gain insight, and access thought leadership about the evolving global financial reporting environment. To visit the IFRS Institute, go to Executive Education Group live, instructor-led CPE credit accounting courses, seminars, workshops, and update conferences for corporate accountants and financial executives Upcoming Course: IFRS: Practical Application and Comparison to U.S. GAAP
19 The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. NDPPS The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. 19
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