EXECUTIVE EDUCATION SERIES: IFRS - Global Standard Setting and

What’s Happening at the IASB

Presented by: Keith Peterka

May 16, 2013

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Before We Get Started…

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CPE Credit

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The information in this Executive Education Series

course is a brief summary and may not include all the details relevant to your situation.

Please contact your MHM service provider to further

discuss the impact on your financial statements.

Disclaimer

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Today’s Presenter

Keith Peterka, CPA Shareholder 610.866.2274 | kpeterka@cbiz.com With more than 18 years of experience in public accounting, Keith performs national firm responsibilities for IFRS, fair value accounting and auditing, revenue recognition and business combinations. He is a member of the MHM SEC taskforce in charge of updating the Firm’s SEC Audit Methodology. Additionally, he is a subject matter expert for IFRS, SEC reporting and fair value accounting in MHM’s Professional Standards Group. He also is a member on the IFRS Foundation's Small & Medium-sized Entities (SMEs) Implementation Group.

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Today’s Agenda

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Status Update on FASB/IASB Convergence

SEC’s Role in International Convergence

Accounting Standards Advisory Forum

2013 IASB Developments

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U.S. has been at the forefront of the Convergence SEC, AICPA, FASB, etc.

The FASB and the IASB have been formally working together toward convergence since 2002. Norwalk Agreement issued in 2002. Memorandum of Understanding (MoU) issued in 2006 —

updated in 2008 and 2010.

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International Convergence Status

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What’s been accomplished?

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FASB/IASB Convergence Status

Convergence projects

•Business combinations •Non-controlling interest •Fair value

Non-convergence projects

• Borrowing cost • Correction of errors • Discontinued ops • Inventory cost • Segment reporting • Share-based

compensation

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What’s left to be accomplished – Convergence Projects?

Revenue Recognition – Final standard in 2013 Lease Accounting – Revised exposure draft Fair Value – Conducting this project in three phases:

1. Accounting for credit losses 2. Recognition and measurement of financial instruments 3. Hedge accounting

Insurance Accounting

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FASB/IASB Convergence Status - Continued

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What else is left to be accomplished?

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FASB/IASB Convergence Status - Continued

Common Control Entities

Impairment of Nonfinancial Assets

Extractive Industries

Research and Development Activities

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Elimination of US GAAP reconciliation for FPIs 2008: “Roadmap” for US registrants 2010: Incorporating IFRS into the US Financial System 2011: Analysis of IFRS in practice 2011: Comparison of IFRS and US GAAP 2012: Final staff report What’s next?

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SEC’s Role in Convergence

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The ASAF is an advisory group to the International

Accounting Standards Board (IASB), consisting of national accounting standard-setters and regional bodies with an interest in financial reporting.

Principal purpose is to provide technical advice and feedback to the IASB.

Will be chaired by the IASB with an initial membership of: Africa Asia – Oceania Europe The Americas

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Accounting Standards Advisory Forum (ASAF)

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Timeline of establishment

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Accounting Standards Advisory Forum

February 2013: Proposal to establish

the ASAF and call for nominations

April: Established

the MOU

April 23: First

meeting

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IFRS 10 & 11 effective in January IASB Forum January 2013 on Disclosures IFRS for SMEs Comprehensive Review Rate Regulated Activities Interpretations Committee – Accounting for Levies

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Significant IASB Activities for 2013

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Questions?

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Join us for these related EES courses: Aug. 22: IFRS and the AICPA’s Private Company

Framework Sept. 26: IFRS – Goodwill Impairment Nov. 21: IFRS – Leases, provisions, contingent assets and

liabilities

Read these related MHM Messengers: 1-13: AICPA’s Annual SEC/PCAOB Current Events

Conference Recap 14-12: The SEC’s Report on IFRS - Steps Companies Can

Take Now

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If You Enjoyed This Webinar…

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Today’s Presenter

Keith Peterka, CPA Shareholder 610.866.2274 | kpeterka@cbiz.com With more than 18 years of experience in public accounting, Keith performs national firm responsibilities for IFRS, fair value accounting and auditing, revenue recognition and business combinations. He is a member of the MHM SEC taskforce in charge of updating the Firm’s SEC Audit Methodology. Additionally, he is a subject matter expert for IFRS, SEC reporting and fair value accounting in MHM’s Professional Standards Group. He also is a member on the IFRS Foundation's Small & Medium-sized Entities (SMEs) Implementation Group.

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