Tax Implications USGAAP To IFRS

The Road to IFRS
J uly 23, 2010

Grant Thornton LLP. All rights reserved.
2
Leading todays discussion
Randy Robason
National Partner
In Charge, Tax Accounting
and Risk Advisory Services
Dallas
April Little
Director, Tax Accounting and
Risk Advisory Services
Houston
3
Grant Thornton LLP. All rights reserved. Grant Thornton LLP. All rights reserved.
3
Disclaimer
This Grant Thornton LLP presentation is not a comprehensive
analysis of the subject matters covered and may include
proposed guidance that is subject to change before it is issued
in final form. All relevant facts and circumstances, including the
pertinent authoritative literature, need to be considered to arrive
at conclusions that comply with matters addressed in this
presentation. The views and interpretations expressed in the
presentation are those of the presenters and the presentation is
not intended to provide accounting or other advice or guidance
with respect to the matters covered.
4
Key takeaways
Understand that the world is moving
toward IFRS it is a matter of when,
not if the SEC will permit or require
U.S. registrants to produce financial
statements in accordance with IFRS
Recognize and be conversant on key
issues you will need to consider as you
adopt IFRS
Anticipate tax and tax-related
implications of an IFRS adoption
Understand the resources necessary
to began an IFRS conversion
Countries that require or permit
IFRSs for domestic entities
Countries seeking convergence
with, or pursuing adoption
of IFRSs
Copyright International Accounting Standards Committee Foundation.
5
IFRS or Letters now available for reuse!
FASB
FAS
FIN
GAAP*
* Will probably be retained, but will refer to Standards issued by IASB.
6
Group check
Has your company begun a formal process to access
the impact of the conversion to IFRS on its
operations?
Yes
No
7
Agenda
IFRS: The path to convergence
Key differences between US GAAP and IFRS
First time adoption of IFRS
Transition rules
Resource challenges
Final Thoughts
Questions and Answers
8
Overview of IFRS: A Few Basic Concepts
New abbreviations
IASC Foundation
IASB International Accounting Standards Board
IFRS International Financial Reporting Standards
IAS International Accounting Standard
SAC Standards Advisory Council
IFRIC International Financial Reporting Interpretations
Committee
9
IASB
International Accounting Standards Board
Goal
To provide the worlds integrating capital markets with a common language
for financial reporting.
Mission
Our mission is to develop, in the public interest, a single set of high quality,
understandable and international financial reporting standards (IRFS) for
general purpose financial statements.
Why
Create a worldwide standard
Simpler international principles (than U.S. GAAP)
Enable seamless global markets
10
IASB
How
An independent standard-setting board overseen by a
geographically and professionally diverse body of
Trustees
A thorough, open and transparent due process
Engagement with investors, regulators, business leaders
and the global accountancy profession at every stage of
the process
Collaborative efforts with the worldwide standard-setting
community
11
The standard setting process
IASC
Foundation
IASB
IFRS
High quality, enforceable and global
IFRIC SAC
Monitoring
Board
informs
creates
monitors
reviews
effectiveness
appoints
funds
reports to
approves Trustees
technically advises interprets
Source: IASB.org
12
In theory
Common accounting enables ease of comparison
across borders of companies in similar industries
Easier to analyze cross-border acquisitions
Approximately 30,000 pages of
GAAP to 2,900 pages of IFRS
(so easy, even a caveman could do it)
13
One set of accounting standards IFRS?
IFRS is fast becoming the globally accepted accounting
framework
Countries that require
or permit IFRSs for
domestic entities
Countries seeking
convergence with,
or pursuing adoption
of, IFRSs
Copyright International Accounting Standards Committee Foundation.
14
Movement toward one set of standards benefits
One set of global standards
Greater transparency, credibility and comparability
regardless of where company located
Greater cross-border capital flows
Greater investor confidence and understanding
Most efficient allocation of capital
15
Movement toward one set of standards - obstacles
National pride
Endorsement process
Legal issues
Standard setters
Language
16
Terminology differences
IFRS U.S. GAAP
Shares Stock
Stock Inventory
Reserves Equity
Associate Investee
Provision Accrual
Scheme Plan
True and fair Presents fairly
17
IFRS Foundation Constitution changes
(effective March 1, 2010)
Former name
Revised name effective
March 1, 2010
The International Accounting
Standards Committee (IASC)
Foundation
The IFRS Foundation
The International Financial
Reporting Interpretations
Committee (IFRIC)
The IFRS Interpretations
Committee
The Standards Advisory
Council (SAC)
The IFRS Advisory Council
18
Principles vs. Rules
U.S.
GAAP
IFRS
Principles
Only
Rules
Only
19
Comparability
J urisdictional variations
Different interpretations
Increased judgment
Increased disclosure
20
Convergence the world
(Current count: 120)
Country Status
Europe Required (as adopted by EU)
Argentina Required starting 2012
Australia and
New Zealand
National standards described as IFRS equivalent
Include unreserved statement of compliance
Brazil Required starting 2010; optional before
Canada Required starting 2011
Chile Required starting 2009
China Must use Accounting Standards for Business Enterprises, which
are close but not exactly IFRS. Companies listed in Hong Kong
have choice of IFRS or HK FRS
India Required starting 2011
21
Convergence the world, continued
Country Status
J apan J apanese GAAP to converge to IFRS by 2011
Some can use voluntarily from FYE March 31, 2010
South Korea Required starting 2011; permitted 2009
Mexico Required starting 2012; listed companies permitted earlier
Singapore Singapore IFRS changed several IFRSs and did not adopt
others; will be fully converged by 2012
South Africa Required
Switzerland Permitted
Turkey Permitted
Uruguay Must use IFRS in existence at 19 May 2004
USA Not permitted except FPIs
22
I will take a big deep breath and look at this
entire area again carefully, and will not
necessarily feel bound by the existing
roadmap that is out there for comment.
Mary Schapiro
SEC Chairman
J anuary 15, 2009
23
We call on our international accounting bodies
to redouble their efforts to achieve a single set
of high-quality, global accounting standards
within the context of their independent
standard-setting process, and complete their
convergence project by June 2011.
G20 Fall Meeting in Pittsburgh
September 25, 2009
24
I am greatly encouraged by the commitment
of the IASB and the FASB to provide greater
transparency to the standard-setting process
and their convergence efforts. I believe that
these efforts will result in improved financial
information provided to investors.
Mary Schapiro
SEC Chairman
November 5, 2009
25
Today's Commission statement reaffirms our
support for a single globally-accepted
standard, describes the issues that need to
be further examined and analyzed, and lays
out the events that must occur between now
and 2011.
Mary L. Schapiro
SEC Chairman
February 24, 2010
26
Convergence SEC
SEC Roadmap
Milestones
1. Improvements in accounting standards
2. Funding and accountability of IASCF
3. Improved ability to use XBRL for IFRS
4. Education and training on IFRS in the U.S.
5. Limited early use by select few
6. Anticipated future rulemaking
7. Potential implementation sequence FYE on or after 15 December
Large Accelerated Filers 2014
Accelerated Filers 2015
Non-Accelerated Filers 2016
Reconciliation alternatives
27
Convergence SEC
SEC Statement on Global Accounting Standards
February 24, 2010 Commission Statement in Support of
Convergence and Global Accounting Standards
Office of Chief Accountant to develop and execute a Work
Plan
Progress reports beginning October 2010
Early adoption proposal rescinded
SEC to decide in 2011
First-time U.S. issuers report under IFRS: 2015 or 2016
28
Convergence SEC
SEC Staff Work Plan
Specifically, the Work Plan addresses areas of concern that were
highlighted by comment letters on the SECs proposed Roadmap,
including:
1. Sufficient development and application of IFRS for the U.S.
domestic reporting system
2. Independence of standard setting for the benefit of investors
3. Investor understanding and education regarding IFRS
4. Examination of how the U.S. regulatory environment would be
affected by a change in accounting standards
5. Impact on issuers, both large and small
6. Human capital readiness
29
Key definitions
Conversion: Overall transition to new standards
Convergence: Rewriting of one standard at a time
30
Convergence IASB/FASB
Definition
Where transactions or events are the same or similar, the
accounting should be the same, or there should be enough
transparency in the disclosures to allow the reader to
understand the differences.
(Plus a continuing effort by standard setters to
reduce differences between systems over time.)
31
IASB/FASB convergence efforts
2002 Norwalk Agreement
2006 MOU
2008 Update to MOU
2009 J oint Statement
32
Major joint projects
Consolidations
Derecognition
Fair value measurement
Financial instruments with
characteristics of equity
Financial statement presentation
Leases
Revenue recognition
33
Other MoU projects
Employee benefits
J oint ventures
Income taxes
Other joint projects
Conceptual Framework
Emission trading schemes
Insurance contracts
34
IFRS and U.S. GAAP Level of Convergence
Standard (IAS/IFRS)
Converged?
Mostly Some No
1 Presentation of financial
statements
X
2 Inventories X
7 Cash flow statements X
8 Error corrections and policy
changes
X
10 Events after the balance sheet X
11 Construction contracts X
12 Income Taxes X
16 Property, plant & equipment X
17 Leases X
18 Revenue X
19 Employee benefits X
21 Effects of changes in foreign
exchange rate
X
23 Borrowing costs X
24 Related party disclosures X
27 Consolidated financial statements X
28 Investment in Associates X
Standard (IAS/IFRS)
Converged ?
Mostly Some No
29 Financial reporting in
hyperinflationary economies
X
31 Investment in joint ventures X
32 Financial Instruments - presentation X
33 Earnings per share X
34 Interim financial reporting X
36 Impairment of assets X
37 Provisions, contingent assets and
contingent liabilities
X
38 Intangible assets X
39 Financial Instruments recognition
& measurement
X
40 Investment in property X
41 Agriculture X
2 Share-based payment X
3 Business combinations X
5 Discontinuing operations X
7 Financial Instruments - disclosure X
8 Segment reporting X
35
Agenda
Transition rules
Resource challenges
Final Thoughts
36
Tangible fixed assets/PP&E
Asset componentization
Physical or non-physical
May need to redo systems for more detail
Track individual components
Track depreciation and useful lives
Derecognize components
Earlier disposal or retirement
Residual asset values Review each balance sheet date
Carrying basis
Revaluation upward to fair value allowed
Must show PP&E rollforward
37
Revenue recognition
U.S. GAAP highly specialized; IFRS more basic
IFRS revenue for sale of goods
Probable economic benefits flow to entity
Revenue can be measured reliably
Costs identified and measured reliably
IFRS revenue for construction contracts
Percentage of completion method
Completed contract method prohibited
Must be able to estimate outcome and measure stage of completion reliably
IFRS revenue for service transactions
Percentage of completion method
If cannot measure outcome reliably, recognize revenue to extent of costs
incurred
38
Impairment testing
Indicators of impairment similar
One-step impairment approach
Loss is amount book values exceed recoverable amount
Recoverable amount is higher of
Value in use and fair value less costs to sell
Impairment could occur sooner than under U.S. GAAP
Reversal of impairment loss allowed
Ceilings on reversal amount
Need to track multiple values after write-down
39
Agenda
Transition rules
Resource challenges
Final Thoughts
40
First-time adoption impact
Key elements of IFRS 1
Establish a conversion date (opening balance sheet date for comparative
periods presented)
Apply all IFRS standards retrospectively - excluding certain allowable
exemptions
All comparative financial statements and disclosures must be in full compliance
with IFRS
Significant disclosure is required in the first set of IFRS financial statements to
explain the effect of transition
A reconciliation footnote
Each equity component at the transition date and most recent reporting date
Profit or loss for the most recent reporting period
41
Why IFRS is Relevant to the U.S. Marketplace
U.S. companies are starting to investigate the potential impact of
adopting IFRS
Increased inquiries from clients and potential clients on how
accounting firms can assist with the IFRS conversion process
Larger companies, including General Electric, Time Warner,
Microsoft Corporation, established internal task forces to assess the
impact of adopting IFRS; their cost estimates range from 0.05% to
1% of revenues for companies adopting IFRS
Financial crisis caused companies to rethink their options, including the
advantages and disadvantages of adopting IFRS in the near-term
42
130 reconciliations from foreign filers in 2006
(The Analysts Accounting Observer, Volume 16, No. 11 - September 24, 2007)
Impact to income:
2/3 showed income increases (median 12.9%)
1/3 showed lower income (median 9.1%)
Two companies had the same income
Impact to equity:
Slightly more than half showed higher equity (median 6.6%)
Slightly less than half showed lower equity (median 12.7%)
One company showed no change to equity
Significant differences were caused by: deferred taxes, property, plant and
equipment, pensions, minority interests, purchase price accounting and asset
impairment
43
Financial
Reporting
and
Accounting
Operations People
IT Systems
and
Control
Processes
As a chief tax officer, why should I
be concerned about IFRS and what
action steps should I take?
45
Managing risk
Change is coming
Change will be substantial
Change will impact tax
Quality and comparability of information
Effective tax rates
Company agreements
Transfer pricing
Compensation
Strategies
Repatriation
Debt agreements
Get a seat at the table
46
Direct Hit/Collateral Damage
Good news and bad news
The Good News
Tax Rules are not changing!
The Bad News
Everything else is!
47
IASB
Convergence of accounting for income taxes
Process began in 2004
ASC 740 and IAS 12 similar, but different
Started, then stopped convergence process
March 31, 2009, Exposure Draft, Income Taxes released by
IASB for comment by J uly 31, 2009
Many differences between IAS 12 and FAS 109 tentative
conclusions substantially eliminated if converged
Definitions of tax basis and temporary differences primarily
reconciled
Initial recognition exception for temporary differences
eliminated
48
FASB
Significant progress toward convergence made
IASB goal is to issue a final standard in 2010
FASB to solicit feedback on IASB Exposure Draft,
Income Taxes
Depending on feedback, FASB may add an
agenda item to reopen discussion of income
taxes with a view of adopting Exposure Draft,
Income Taxes
49
Key differences
Accounting for uncertain tax positions
Accounting for deferred taxes for investments in domestic
subsidiaries and joint ventures
Use of substantially enacted verses enacted
Tax effects of share based payments
Tax effects of leveraged leases
50
Collateral Damage
There is a strong probability that the collateral
damage will have greater initial implications in the
tax world than the changes to IAS 12/34
51
Collateral Damage: The role of Treasury and
Congress
Treasury/Big 6/Dow 30 Dialogue
Hot 5
Inventory
Transfer pricing
Accounting methods
Revenue recognition
E&P
52
Collateral Damage: Accounting methods
LIFO
IFRS does not allow the use of the LIFO inventory
method
Current Federal tax rules require financial
statement conformity (book-tax conformity) in order
to use LIFO
53
Will LIFO be repealed prior to IFRS conversion?
Presidents budget proposal
Are some industries more vulnerable
Could LIFO still be used for Federal tax purposes
after IFRS conversion?
Legislative change
IRS regulatory authority
LIFO
54
Changing from LIFO to another method for valuing
inventories
First in, first out (FIFO)
Rolling-average method
Recapture of LIFO reserve
Current four-year recovery period
Will Congress/IRS provide for a longer period?
LIFO
55
Changes in methods of accounting
Considerations when changing book method
Is the new method a proper method for tax?
Will the new method create a book-tax
difference?
How will method change the calculation of an
existing book-tax difference?
Is a Form 3115 Application for Change in
Accounting Method required?
56
Will the IRS provide special procedures for
companies making the conversion?
Issues for IRS to consider
Allowing global method change upon conversion
oGrouping of method changes
oClean-up of improper methods
Information required for method change
Automatic or Advance Consent
Period for section 481(a) adjustment
57
Opportunity for accounting methods review
Consider impact on income tax reporting and cash
taxes payable
Take global approach
Begin planning now
58
Collateral Damage: International Tax
International tax implications
Several international tax regulations specifically reference GAAP
These international tax regulations include:
1.482.9T(e)(2)(iii) (GAAP reference)
1.861-9T(g)(2)(ii)(A)(2) (U.S. GAAP
reference)
1.864-4(c)(4) (GAAP reference)
1.897-1(o)(4)(i) and (ii) (both U.S. GAAP
reference)
1.897-2(b)(2)(ii) (U.S. GAAP reference)
1.964-1(b) (accounting principles
generally accepted in the United States)
1.985-1(b)(2)(ii)(D) (U.S. GAAP reference)
1.985-3(b)(2) (U.S. GAAP reference)
1.985-4(b) (U.S. GAAP reference)
1.988-1(f)(1)(ii)(B) (U.S. GAAP reference)
1.6038-2(g) (GAAP reference)
1.6038A-3(c)(2)(ii) (U.S. GAAP reference)
1.6046-1(b)(10) (GAAP reference)
1.6046-1(g) (U.S. GAAP reference)
59
Additionally, several international tax reporting forms specifically reference
GAAP
Some of the international tax forms that reference GAAP include:
Form 5471 Information Return of U.S. Persons with Respect to Certain
Foreign Corporations
Form 8858 Information Return of U.S. Persons With Respect to Foreign
Disregarded Entities
Form 8865 Return of U.S. Persons With Respect to Foreign Partnerships
As the movement toward IFRS continues, the IRS and Treasury will need to
address the reference to GAAP in these regulations and forms.
See AICPA letter to IRS and Treasury on October 10, 2008 discussing
theses issues in the context of IFRS
Collateral Damage: International Tax
International tax implications
60
Collateral Damage: Transfer Pricing
Stating the obvious
Covering the not-so-obvious
Proactivity and projections
In the land of APAs
61
The good, the bad, and the ugly
Similarly situated taxpayers
Expected guidance
The big finish
Collateral Damage: Transfer Pricing
62
Agenda
Transition rules
Resource challenges
Final Thoughts
63
Final thoughts:
How companies are impacted by IFRS
Changing an organizations basis of accounting from U.S.
GAAP to IFRS impacts an organizations accounting and
reporting requirements, which will require its people to obtain
new skills and knowledge, change internal processes, and
likely impact an organizations systems
Four areas that will be impacted in an organization from
implementing IFRS:
Accounting and reporting
Processes
Systems
People
64
Effects on a companys accounting and reporting requirements
Final thoughts:
How companies are impacted
Increased financial disclosures
Disclosures previously required by Regulation S-K may need to be moved to audit
financial statements
Changes to equity
IFRS generally has a narrower definition of equity, hybrid financial instruments are
bifurcated between debt and equity
Changes to income
Out of 137 companies reporting 2006 results under GAAP and IFRS:
63% showed higher earnings under IFRS
Median company profits jumped 11%
Increased emphasis on fair value accounting
There are more circumstances in which fair value is called for compared to U.S. GAAP
Consolidation of additional entities
Application of IFRS can result in consolidation of additional entities, which impacts:
Debt covenants
Financing arrangements
Sarbanes-Oxley certifications and internal control requirements
65
Anticipated effects that impact an organizations people
Final thoughts:
Retraining and acquiring new skills
Incentive compensation structures: stock compensation or
cash bonus structures
Adjustment of key performance indicators
Lack of people within the organization to keep day-to-day
activities processing in current state during the conversion
The need to structure appropriate project management teams
to oversee the conversion
66
Anticipated changes to a companys processes
Final thoughts:
Changes to financial statement preparation include:
Accounting processes that will support changes based on documentationneeds
Change of internal control documentation to reflect changes in processes
Needto change scoping methodologies
Understandingchanged to develop new controls
Developinga new test approach to incorporate IFRS methodologies
Changes in policies and procedures to address changes reflected from accounting
policy
New processes will need to be developed to capture information that was not
previously developed
Will impact the use of the specialists for valuations based on the changes to
impairment guidance
Contracts, including debt agreements and covenants, will be impacted and will need to
be addressed to understand the impact of the companys compliance
67
Anticipated changes to a companys systems
Final thoughts:
Changes to the chart of accounts
Consolidating entities
Dual reporting (transitional)
Changes in calculations
Creation/Deletion of system reports
Presentation of information within the system
Compliance with IFRS along with other regulations
simultaneously
Data fields and data requirements
68
Final thoughts:
Where do I start?
IFRS GAAP TAX
?
? ?
? ?
?
69
Final thoughts:
Im lost. . .What do I do?
#1 Dont panic
#2 Be comforted by the thought that you are part of a large
group! And help is available.
70
Final thoughts: Establish a game plan
Elements could include
Vision for the outcome
Direction
Execution
Acceptance by all stakeholders
Monitor and measure results
Confirm management/Board support
71
Final thoughts:
Examine broad areas of potential impact and devise a
sub game plan for each
GAAP/IFRS Comparison: Which FAS apply to my
company and how do IFRS change the
accounting?
Debt arrangements: Do IFRS impact
classification?
Compensation plans: Do IFRS results change
behavior?
72
IT: What do I keep, toss or acquire
Entities: Keep or eliminate
Transfer Pricing: Do IFRS reflect economics
anticipated in agreements
Treasury function: Does my repatriation
strategy change?
Final thoughts:
Next steps
73
Final thoughts:
Identify other impacted groups and coordinate approach
Investor relations
Human resources
Internal audit
Treasury
Accounting and Finance
IT
74
Final thoughts:
Next steps
Establish conversion timeline and schedule
deliverables
Design a training program for each individual
Communicate, Communicate, Communicate
Internal stakeholders
External stakeholders
75
Publications issued / planned
Joint IASB/ FASB convergence projects Q2/Q3 2010
discontinued operations
ED (May)
organization and presentation
ED (May)
Revenue recognition ED (J une)
Leases ED (J uly)
Financial instruments with characteristics of
equity
ED (J une)
Insurance contracts ED (J une)
76
Publications issued / planned
IASB only convergence projects Second quarter 2010
Post employment benefits defined benefit
plans
ED (April 29)
Financial instruments classification and
measurement
ED (May 11)
Financial instruments hedge accounting ED (Q3-2010)
Consolidation disclosures SPEs/structured
entities
IFRS (J une)
J oint ventures IFRS (J une)
Derecognition ED (Q3-2010)
77
IFRS for SMEs
What is the IFRS for SMEs?
Published J uly 2009
Separate framework for
accounting and financial
reporting
Simplified version of IFRS
but consistent principles and
concepts
No specific effective date
78
IFRS for SMEs
Who is it aimed at?
No size-related limits
Non-publicly accountable entities
that must or would like to produce
general purpose financial statements
- Securities not publicly traded
- Not a financial institution
- Not holding assets in fiduciary
capacity as one of its primary
businesses
Subsidiary of a listed company can
use it if the sub itself is not listed
79
IFRS for SMEs
How is IFRS for SMEs simplified (overview)?
Simplified drafting easier to read and no black letter
paragraphs
Some topics omitted if irrelevant to majority of SMEs
Segment reporting
Interim reporting
EPS
Insurance
Assets held for sale
Substantially stand-alone
If reported voluntarily, describe
basis for preparation and
presentation
80
IFRS for SMEs
How is IFRS for SMEs simplified (overview)? (continued)
Complex options in full IFRS are now removed in IFRS for SMEs,
for example
Joint ventures No proportionate consolidation (J CE can be accounted
either at cost, equity method or at FV)
PPE No revaluation option
Intangible assets No revaluation option
Investment
properties
At cost or at FV - driven by circumstances
FV - if available without undue cost or effort
Post-employment
defined benefit
plans
Corridor approach is no longer permitted
Some simplified valuation assumptions permitted
81
IFRS for SMEs
Recognition and measurement simplifications - examples
Goodwill Amortized (10 year life if no reliable estimate exists)
Impairment testing only needed if indicators exist
Research and
development
All costs are expensed
Borrowing costs All costs are expensed
Financial
instruments
Only 2 categories (amortized cost or FV through P&L)
Much simplified (although restricted) rules on hedge
accounting
82
IFRS for SMEs
Full IFRS IFRS for SMEs
Numbered by standard Organized by topic (e.g. inventories)
About 3,000 potential disclosures About 300 potential disclosures
About 2,800 pages Less than 230 pages
Updated several times a year To be updated every 3 years
Fast facts
83
Questions?
84
Grant Thornton LLP
IFRS Resources
IFRS Resource Center
www.GrantThornton.com\IFRS
85
Grant Thornton Thinking
86
IFRS Publications
87
IFRS Publications
88
IFRS Publications
89
IFRS Publications
90
IFRS Publications
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The Road to IFRS

J uly 23, 2010

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