U.S. IFRS Conversion Update: Tax Accounting Standards

Responding to Latest Developments in International Financial Reporting Standards Conversion

Recording of a 110-minute CPE/CLE webinar with Q&A

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Conducted on Thursday, November 11, 2010

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Course Materials

This course will bring accounting advisors and tax executives up to date on progress in a U.S. conversion to IFRS. The panel will analyze the impact on tax accounting standards and provide perspectives for working with corporate tax clients on advance preparation.

Description

Given the strong support by FASB and the SEC for conversion to international financial reporting standards (IFRS) from U.S. GAAP, it is a critical time for tax advisors to stay current with the multi-pronged project. Some corporate taxpayers, in fact, are already planning internal conversions.

In tax accounting standards, FASB has a number of individual conversion projects under way for revenue recognition, financial instruments and leasing, among other topics. Completion of a FASB-International Accounting Standards Board convergence agenda, and final SEC approval, are expected next year.

Given the magnitude of the overhaul, tax advisors must keep up with the various IFRS conversion efforts in order to work with clients to ensure they are well prepared for the targeted changeover by the end of 2014 (although some new standards may be approved before then).

Listen as our panel of tax professionals, who have kept close tabs on IFRS conversion, gives you the current-events briefing you need to stay ahead of this fast-evolving new body of tax accounting standards.

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Outline

  1. Background on IFRS conversion
    1. Other countries that have adopted
    2. SEC U.S. “road map” proposed in late 2008
    3. IASB and FASB work on conceptual framework
    4. FASB projects on standards conversion to IFRS from GAAP
  2. Comparing GAAP and IFRS tax accounting standards
    1. Understanding material differences between IS 12 and FAS 109
    2. Status of latest EU accounting directives
    3. Implementation of IFRS regs
    4. Comparison of IAS 12 and ASC 740
  3. How IFRS may be adopted here, in a practical sense
    1. IFRS 1
    2. Opening IFRS balance sheet
    3. Important challenges
  4. Prudent preparatory steps to take or advise now
    1. Logical transition for corporate taxpayers, depending on their size and sophistication

Benefits

The panel will get to the bottom line of these and other critical areas:

  • The project timetable: What key deadlines are coming up at FASB, IASB and the SEC, and what is their real impact on U.S. corporate taxpayers and their tax advisors?
  • Current FASB conversion projects: Which tax accounting standards are already being reworked, and how?
  • Key differences between parallel IASB and FASB standards: How, for example, do IAS 12 and FAS 109 compare?
  • IFRS conversions in other countries: What can the U.S. learn from their experiences?
  • Prudent preparatory steps to take now: Getting ready for a conversion date and a first IFRS-compliant balance sheet.

Faculty

Mark Sumlin
Mark Sumlin
Senior Director
Alvarez & Marsal Taxand

He has more than 10 years of tax consulting experience, with particular emphasis on SEC and IFRS reporting. His primary...  |  Read More

Jenna Summer
Jenna Summer
Tax Manager
KPMG

She has extensive experience on income tax accounting matters for the firm. She helped develop the firm's internal...  |  Read More

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