AICPA考试信息技术IFRS内容转换思考（2）

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Background of IFRS&IT Impact
Today,more than 100 countries require/permit the use of International Financial Reporting Standards(IFRS),or are converging with the IASB's standards.On February 24,2010,SEC Chairman Mary L.Schapiro released a public statement regarding IFRS convergence between International Accounting Standards Board(IASB)and Financial Accounting Standards Board(FASB):"For nearly 30 years,the Commission has promoted a single set of high-quality globally accepted accounting standards,which would advance the dual goals of improving financial reporting within the U.S.and reducing country-by-country disparities in financial reporting,but supporting this goal is only the beginning of the discussion,not the end."
In theAICPA IFRS Preparedness Survey conducted in September 2009,a 54% majority of CPAs believed that the SEC should ultimately require adoption of IFRS for U.S.public companies.Furthermore,over 50% of respondents expressed a need to know some level of IFRS over the next three years.However,with these uncertainties surrounding U.S.CPAs and SEC's decision to mandate IFRS for U.S.public companies,some organizations question,why convert to IFRS?
·Considerations for filing of IFRS financial statements include:
·Multinational companies may benefit from the use of common financial reporting systems
·IFRS may ease financial statement comparability with other companies that use IFRS
·IFRS is intended to facilitate cross-border investments and access to global capital markets
Other key benefits include opportunities to improve/streamline business functions and processes,globally integrate the financial IT systems,and achieve consolidation/reporting efficiency.On the other hand,there are risks associated when a company decides to convert to IFRS.Some of these risks are excessive resource spending,improper data management or migration,incomplete revisions of policies and procedures,future changes that standard setters may issue,and more.
While there are many benefits and risks to converting to IFRS,a few key factors should be taken into consideration prior to implementation or during project planning.Although the IASB and FASB are working toward convergence,there are currently many differences between the two sets of standards(see Key Differences between IFRS and GAAP below).It will be important to monitor the changes as the two boards complete their joint work plan as outlined in their Memorandum of Understanding.Furthermore,companies should first assess which principles/standards will impact their organizations directly,conduct some research,and have a strong understanding prior to implementation.A detailed discussion regarding project planning is further explored under Implementation Considerations.
Potential System Impacts of an IFRS Conversion
As a company prepares to convert to IFRS,the impact to information technology(IT)and financial systems should be taken into consideration during the planning phase.Representatives from the company's IT department should be involved throughout the planning process to evaluate how the proposed accounting changes will impact the financial systems(transactional or reporting).
The impact to IT and financial systems can vary depending on a company's existing structure and environment.This may include its IT and financial systems capability/integration,industry complexity,company size,relevance of business process/transaction,internal control structure,mergers&acquisitions process,and other attributes.
If a company's IT and financial systems are substantially integrated globally,then the degree of impact or modifications may be of lesser extent.The extent of changes may be primarily some sub-ledger configuration changes and more extensively in the general ledger and consolidation system.However,if a company has frequently acquired entities(each with unique financial systems)and has not yet integrated the acquired company systems within the organization's infrastructure,then the degree of system impact may be quite large at the sub-ledger level as well as the internal reporting level.
Exhibit 1
Potential System Impacts During IFRS Implementation
　　（转载自AICPA论坛）

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AICPA考试信息技术IFRS内容转换思考（3）Key differences between IFRS and GAAP & impact to financial/ business reporting
Transaction Differences
There are a number of differences between U.S.GAAP and IFRS.Below is a chart that highlights a few of these differences.
In addition to these transaction examples listed below,IASB and FASB are also working jointly on several MoU projects targeted for completion in 2010 and 2011.Major convergence projects include:
·Revenue Recognition
·Leases
·Financial Instruments
·Consolidations
·De-recognition
·Fair Value Measurement
·Financial Statement Presentation
·Financial Instruments with Characteristics of Equity
As these major MoU projects are completed and new standards are released by the FASB,these changes will impact how the transactions are recorded,processed and/ or reported within a financial system(most likely prior to converting to IFRS depending on the time of completion).
It is important to monitor both the FASB and IASB website for project updates on when the standards are under exposure draft(review)and ready for release(final).
Certain IFRS/GAAP differences may likely be adjusted through General Ledger journal entries or chart of account structuring and do not require system changes at the sub-ledger level.The approach will vary depending on the organization's structure and environment described above in Potential System Impacts of an IFRS Conversion.However,opportunities for automation using Excel macros and formulas or other alternative tools may be possible for separate journal posting calculations.Additionally,this list of examples will continue to change as the FASB and IASB continue their efforts to converge standards.
Exhibit 2
Transaction Differences

Impact to Financial or Business Reporting
Besides specific transactional differences,converting from U.S.GAAP to IFRS will also impact a company's external and internal reporting requirements.Although some transactional differences require only journal entry adjustments within the General Ledger(or minimal financial system changes),other changes may impact an organization’s current reporting infrastructure(such as data warehousing environment or associated reporting program).Furthermore,journal entry adjustments for multiple countries and parallel reporting in IFRS and GAAP may become cumbersome without additional tools to assist in the reporting process(such as a consolidation tool).Below is a chart that highlights some of these external and internal reporting examples.
Similar to the transaction differences,it is important to monitor both the FASB and IASB websites for MoUrelated project updates since several of these projects also relate to the financial reporting requirements listed above.In addition,the challenge to implementing these transactional or reporting changes is that organizations will still have to consider dual reporting once the entity decides to convert to IFRS.Companies will have to either(1)maintain both processes for statutory reporting until the three-year requirement is complete or(2)maintain one process and make topside adjustments to the other statutory reporting requirement.While both alternatives are achievable,option 2 can become cumbersome,difficult to track and not ideal/feasible.Explanation of the dual-reporting timeline is further discussed under Implementation Considerations.
Exhibit 3
External and Internal Reporting Difference s


The AICPA's IFRS Primer for Audit Committees addressed two relevant IT-related questions that management should consider during the implementation process:
·How will this affect the company's way of doing business(e.g.changes to IT and other internal systems;risk monitoring and controls;inventory accounting;budgeting and forecasting;key performance indicators;joint ventures and alliances;subsidiaries;etc.)?
·How is management making system changes or implementing new systems today,in recognition of possible changes in the future?
As the above examples point out,transactional and reporting differences between IFRS and U.S.GAAP do affect a company's way of doing business.This leads to implementation issues to consider as a company decides to convert to IFRS.

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