Title slide for on-screen presentation (default type = 60

Report
IFRS 2
Key issues to consider now
Chuong Pham, Bryan Anderson and Ere Furbino
April 9, 2009
Caveats
The following discussion and examples do not necessarily
represent the official views of Deloitte Tax LLP with respect
to any of the issues addressed. Moreover, this presentation
and the views expressed by the individual presenters should
not be relied on as accounting, auditing, or tax advice. The
outcome of any individual situation depends on the specific
facts and circumstances in which the issue arises and on the
interpretation of the relevant literature in effect at the time.
Copyright © 2008 Deloitte Development LLC. All rights reserved.
1
Agenda
Regulatory Update
Page 3
Journey through an IFRS Conversion
Page 15
IFRS 2, Share-Based Payment
Page 26
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2
Regulatory Update
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3
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4
IFRS in the U.S.: Recent developments
 December 2007
–
Foreign private issuers can file under IFRS without a reconciliation to U.S. GAAP
 November 2008
–
–
–
SEC issues proposed roadmap and rule changes
Roadmap describes milestones for the mandatory transition to IFRS starting in 2014
Proposed rule change permits the largest U.S. companies (by market cap) in IFRS predominant
industries an option to adopt IFRS starting in 2009
 December 2008
–
The G-20 adopted, as a medium-term priority, the implementation of a globally consistent set of
accounting standards
 January 2009
– Mary Schapiro, SEC Chairman, in her Senate confirmation hearing, responded to questions from
Senator Jack Reed, stating that she would carefully review the existing IFRS roadmap and
proposed rule and would consider various factors, including the cost of implementation and
independence of the IASB
– Paul Volker, chairman of the Economic Recovery Advisory Board under President Obama,
reiterated his support for IFRS
 February 2009
– SEC extends comment period on roadmap from February 19 to April 20, 2009
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5
SEC Roadmap: Milestones to be considered in 2011
before future mandate
Milestone
Consideration
Observation
Improvements in standards
 Look to the degree of progress
made on the convergence
agenda
 No particular projects to be met
 Revenues and presentation were
highlighted
 Focus on the standard-setting
process
Funding and accountability of
the IASC Foundation
 Need for a stable funding source
 Improved governance and
oversight
 Level of influence in standardsetting process
 IASCF has proposed changes to
its governance structure to
include a “Monitoring group”
made up of the world’s
regulators
Ability to use interactive data for
IFRS reporting – XBRL
 Look to the state of development
of IFRS data tags
 IASCF is in the process of
updating its IFRS data tags
Education and training
 Look to the current status of
readiness
 Efforts currently underway to
educate U.S. constituents,
including companies, public
accountants, academics
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6
SEC Roadmap: Transition milestones and other
considerations
Milestone
Consideration
Observation
Limited early use of IFRS
 Focus on industries where
comparability is enhanced
 Look to experiences of those
issuers who early adopt IFRS
Timing of future rulemaking
 Final decision on mandatory use
expected in 2011
 SEC staff study on use of IFRS
ongoing
 Impact of G-20 declaration
Implementation of mandatory use
 Phased-in over three years
 May consider FPI requirements
 Large accelerated filers in 2014
 Also may expand use of early
adoption
 Accelerated filers in 2015
 Non-accelerated filers in 2016
Consistent application
 Continued review of IFRS filings
 Also to consider the role of
financial information in other
regulatory filings
 Ability to gather information
 Audit issues
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7
SEC’s Proposing Release on early adoption of IFRS
 Rationale for giving certain U.S. issuers an option
 Identifies categories of U.S. issuers whose use of IFRS would promote
comparability with global competitors
 Provides information on how to assess eligibility
 Instructs issuers to submit their criteria for eligibility to the Division of
Corporate Finance and receive a “letter of no objection” permitting the
use of IFRS
– Process to follow when requesting eligibility
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8
SEC’s Proposing Release on early adoption of
IFRS (cont’d)
Eligibility
Requirements for Early Use
 IFRS is used more often than any other basis
of accounting
 Prepare financial statements in accordance
with IFRS, as issued by the IASB
 U.S. issuer is globally among the 20 largest
companies in its industry based on market
cap
 Three years of financials in the year of
adoption
 The SEC estimates that at a minimum of 110
companies in 34 industries will be eligible for
this option
– No “official” list to come out
– Issuers must determine whether they are
eligible
 Provide additional U.S. GAAP financial
information
– Alternative A: provide a one-time, audited
reconciliation from U.S. GAAP to IFRS that
covers the year of transition as a note to
the audited financial statements in a
manner consistent with the requirements of
IFRS 1
– Alternative B: provide on-going, unaudited
reconciliations from IFRS to U.S. GAAP for
each year
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9
What’s happening now in the U.S.
Regulators
Profession
Firms
 Ongoing policy and
rulemaking initiatives
 Recent AICPA action
amending Rules 202/203 of
ethics code to recognize the
IASB as “designated body”
 Significant investment in
infrastructure
 Greater coordination with
global counterparts on
application issues
 Increased focus on IASB
structure on process
 Future changes to the audit
literature allowing U.S. CPAs
to issue public reports on
IFRS
 Committee formed to
address changes to the CPA
exam
 Increasing focus on
education and training
 Evolution of global practices
 Working with academia on
material development and
education of faculty
 CAQ activities
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10
Putting principles into action
Transaction Analysis
 New need to document processes
 Economic substance is paramount—and often involves
considerations beyond accounting
 Documentation should be contemporaneous
Accounting Research
 White papers will be needed to document the assessment
 Increased sensitivity to diversity in practice
Decision Making
 The review process should include non-accounting professionals
 Increased emphasis on the appropriateness of assumptions
 Increased emphasis on disclosure
U.S. GAAP
Transaction analysis
Accounting research
Decision making
IFRS
Transaction analysis
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Accounting research
Decision making
11
The Road to IFRS in the U.S.
Timing
Action
 Eligible U.S. issuers may to begin filing IFRS financials with the SEC for fiscal years
ending on or after December 15, 2009 (milestone 5)
2009
 U.S. issuer among 20 largest global company in the industry determined by market
capitalization
 IFRS (as issued by the IASB) used as the basis for financial reporting more often
than any other basis of accounting by 20 largest public companies in the industry on
a global basis, as determined by market capitalization
2011
 SEC will decide to mandate the use of IFRS for all U.S. issuers on the basis of the
progress of the milestones (milestones 1-4)
2014
 Large accelerated filers could be mandated to report financial results using IFRS
2015
 Accelerated filers could be mandated to report financial results using IFRS
2016
 All public companies could be mandated to report financial results using IFRS
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12
Recent Company Feedback on IFRS
Principle-based
Standards
Statutory Reporting IFRS Adoption
IFRS Readiness
 Strong support for
“principles-based”
standards
 Many companies
aren’t aware of what
statutory reporting
requirements they
have
 Over half of the
respondents noted
they are not in a
position to adopt
IFRS now
 75% of the
respondents agree
with use of
“principles-based”
standards
 Concerns about
litigation and
regulatory second
guessing
 A third of the
respondents noted
they had central
visibility over
statutory reporting
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 40% would consider
using IFRS as a
reporting basis, if
given a choice
 Cost was cited as
the most significant
obstacle
 More education is
needed
 Concern about
consistent
application
13
Journey through an IFRS Conversion
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14
IFRS Conversion Approaches
 Top-Down
– Convert the consolidated financial statements
 Bottom Up
– Convert statutory/subsidiary financial statements first
 Journey is based on a “Top-Down” approach
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15
IFRS Conversion – Project Approach
Assessment of
Differences
•
•
Oversee the System &
Process stream of work
• Assessment
• Development of Roadmap
• Short Term Solutions
• Long Term Solutions
Statutory Requirements
•
•
•
•
•
Compare IFRS to US GAAP
Document differences
Quantification of Differences
Redraft Policies
Coordination with Auditors
•
Systems &
Process
Financial
Statements
Communication /
Training
•
•
•
•
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•
•
•
Presentation of Financial
Statements
Disclosures
Adoption Release
Investor information
WebEx Presentation
Segment Presentations
Training and Communication needs identified
through the system & process assessment
Launch and maintenance of website
1616
Begin the Journey Early!
 Assessment
– Be mindful of “High-level” vs. “detailed” assessment
– Identification of GAAP difference vs. an error
– IFRS 1 election
 Documentation
– Proving a difference is not material or not applicable
 Quantification
– Key step to identification of process changes
– Hard to assess impact on organization without concluding on how to
calculate the change
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17
Systems & Process
 Need to understand current process
– Process documentation may be out of date or not present
 Summarize expected changes
 Develop detailed implementation plan
– Short-term fix
– Long-term objectives
 Conversion of Systems to IFRS
– Develop process to keep US GAAP historical data
– Pushing entries down in to subsystems can be challenging
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Current Process – Share Based Payments
INPUT
PROCESSING & ADJUSTMENTS
G/L
CONSOLIDATION
Extract RSU
transactions
Review US GAAP
numbers received
and prepare
consolidated entries
in SAS FM
No
SBP Data
Warehouse
Extract Grant,
Exercised, Expired
and Forfeited Stock
Options information
CORPORATE
Start
Extract SAR
transactions
New
Grant?
Yes
Obtain FV
calculations from
Towers Perrin
No
USGAAP
Template
Perform
USGAAP
calculations in
the template
PRSU /
PPRSU?
End
Yes
`
`
`
Send US GAAP
numbers
calculated to
SBU’s
Extract PRSU /
PPRSU / MSU /
DSU information
BUSINESS
UNITS
`
3rd Party
Provider
computes fair
values for new
grants
`
THIRD PARTY
SAP G/L
Receive
calculated
number from
Corporate
Book entries to
general ledger
SAP G/L
Current Process Features
 Calculations for RSU, Stock Options, SAR, PRSU and PPRSU are all done using US GAAP Excel templates, entries for PRSU and PPRSU
are communicated to the BUs for entry to SAP. Other entries are booked at a corporate level in SASFM
 Fair value calculations are performed for newly granted Stock Options only and are done by 3rd Party Provider whenever there is a new grant
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19
19
Revised Process – Share Based Payments
INPUT
PROCESSING & ADJUSTMENTS
G/L
CONSOLIDATION
3
Extract SAR
transactions
FV Calculation (in
IFRS template)
Review IFRS
numbers received
and prepare
consolidated entries
6
Start
1
Extract RSU
transactions
SBP Data
Warehouse
Extract PRSU /
PPRSU/ MSU /
DSU information
PRSU /
PPRSU
Payroll
Implication
No
No
End
`
SAP G/L
`
DTA Accural Calulcation
5
Yes
Extract Grant,
Exercised, Expired
and Forfeited Stock
Options information
Send number to
be booked at
BU’s
Obtain IFRS FV
New Yes calculations from
Grant?
3rd Party
Provider
2
3rd Party Provider computes
fair values for new grants
BUSINESS
UNITS
THIRD
PARTY
Yes
4
No
`
HR Obtain
information on
Grants for FV
calc
IFRS Template
Perform IFRS
calculations and
send to director of
consolidation team
Payroll Calculation
`
CORPORATE
7
Receive calculated
number from
Corporate
Book entries to
general ledger
SAP G/L
`
#
Revised Process Features
1
The changes to the template which are required for IFRS have already been incorporated into the Share Based Payment spreadsheet currently used for us
CGAAP
3rd Party Provider will need to adjust the Fair Value calculation to an accelerated method from the straight line method currently used and perform the fair
value calculation quarterly instead of annually
John Doe
3
The SAR FV calculation template will need to change to adopt a FV calculation from intrinsic value currently used
John Doe
4
PRSU & PPRSE expense continues to be booked at the BU level
John Doe
comm. to BU’s
5
DTA numbers are calculated in the IFRS template (The template already calculates the required numbers) and entries will be booked at a consolidated
level in SAP G/L by Corporate.
The calculation of deferred payroll tax is carried out within the IFRS template (The template already calculates the required numbers) and entries will be
booked at a consolidated level in SAP G/L by Corporate.
John Doe
Future-state automation of the IFRS calculations may involve performing the IFRS calculations in SBP Data Warehouse
John Doe
2
6
7
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Owner
3rd Party
Provider
John Doe
20
20
Summary – Share Based Payments
Owner
Business
Unit & Area
John Doe: Corporate Accounting
Business Unit: Corporate
Business Area: Share Based Payments
There are a number of accounting changes which impact the calculation of Share Based Payments (SBP). These
changes impact Stock Options, SARs, RSUs, PRSUs and PPRSUs. All of the changes for Share Based Payment
impact at the corporate level, there is not direct impact on the Business Units.
• Grade Vesting : This change has no implication on the process however [3rd Party Provider] will need to be informed
of the change for the Fair Value calculations. (There will be change in the process as company will have to now
calculate expense on accelerated method then straightl-ine method.)
• Fair Value / Intrinsic Liability: The templates used for the SAR calculations will need to be updated to reflect the
accounting change on conversion to IFRS. (not applicable to US company as USGAAP/IFRS has same treatment for
liability plan)
IFRS Process &
Systems Impact
• Forfeiture – Actual vs. Estimated : For Stock Options and SARs currently the Company does not accrue for forfeiture
estimate and recognized as vested. Under IFRS, the Company will be required to estimate the number of equity
instruments expected to vest and then revised estimate as required. This will add an additional process to the current
workflow. (no difference between IFRS and US GAAP)
• DTA : All SBP types are affected by this change. This results in an additional process and journal entry for the
accrual.
• Payroll Taxes : Currently payroll taxes are expensed as incurred, i.e. at the time of exercise. Under IFRS the
Company should accrue for Payroll tax during the award life. The accrual process is additional step to the current
workflow.
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21
21
Implementation Plan – Share Based Payments
• Spreadsheets containing the adjustments required for IFRS have already been developed. Further updates to the
spreadsheets may be required to remove US GAAP as a step within the calculations.
• Third Party providers need to be informed of the calculated changes that are required, initial communication has
already been held a formal communication should be made
Overview
-2 m
-1 m
0 +1 m
+2 m
+3 m
Validation of IFRS
Templates
Technology
Investigation into use of SBP Warehouse for
automated calculations
x/x/xx
Validation of IFRS
Templates
x/x/xx
US GAAP Requirements
Comments
 The Updated IFRS excel calculation
templates have already been
developed
 Templates to be reviewed and
approved by the Company for
ongoing use
x/x/xx
x/x/xx
Process investigation for SBP Warehouse
 Potential to use the SBP Data
Warehouse to automate processes
to be investigated.
 Determine need to dual run US
GAAP & IFRS templates
x/x/xx
Template Training
Organization
Target
Date
x/x/xx
Streamlining of
IFRS template
Process
+4 m
Third Party
Communication
x/x/xx
 No organizational impact is
anticipated
x/x/xx
 Communications are focused on
corporate because of no impact on
Business Units
 Formal communication required for
third parties
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22
22
Communications and Training
 Creating IFRS Company Web-page
– Blog for Q&A
– Excellent avenue to post materials, presentations, draft policies
 Training needs may vary depending on issue and number of people
impacted
– Share based payment may not impact that many individuals
– Revenue or cost changes tend have significant enterprise wide impacts
 Impact on Internal Budget/Forecast
– How will the accounting change impact my budget?
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23
Financial Statements
 IFRS 1 disclosures
– Describe accounting differences between US GAAP and IFRS applicable to
the Company
 General disclosure differences
– No major SBP disclosure differences
– Redrafting of significant / critical accounting policies
– Changes in financial statement presentation
 Income Statement and Other Comprehensive Income
 Equity
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24
Observations / Lessons Learned
 Resource Constraints
– Presumably you are already too busy, how do you “free” up time for IFRS?
 Lack of rules, detailed guidance
– Mind shift to principles based thought process is difficult
– IFRS 1 adoption impact on retained earning
 Easy to delay/shorten planning phase
– Hard to spend $$ in planning during recession
– Belief that the issues are simple and easy fixes
 Not enough Communication
– If you don’t communicate early and often, others will and the message is usually not
accurate
 Patience & Flexibility
– New facts or unexpected issues will arise
– Previous decisions revisited or changed entirely
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25
Share Based Payment
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26
Classification of Awards
Award Features
Redemption for cash at the
employee’s option after 6 months
Net settlement to satisfy minimum tax
withholding obligation
US GAAP
IFRS
Equity
Liability
(FAS 123(R).31)
Equity
Depends on facts
(FAS 123(R).35)
Awards granted by a subsidiary but
settled in parent company stock
Equity
Liability
(IFRIC 11)
Vesting condition other than service,
performance or market condition
Liability
Equity
(IFRS 2.21A)
Number of shares issuable is variable
Liability
Equity
(IFRS 2.BC110)
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27
Awards with Graded Vesting Features
US GAAP
Accounting policy choice: An entity
may choose to measure graded
vesting share-based payment awards
as either a single award (Single Life
Method) or, in substance, as multiple
awards (Multiple Life Method).
IFRS
Multiple Life Method: Determine
option value based on separate
valuations of each tranche.
(Paragraph IG11 of IFRS 2)
 Multiple life method requires estimation of valuation assumptions for each
tranche.
 Holding other input assumptions constant, estimating an expected life of each
tranche will cause the overall value of the award to decline slightly.
 Estimating volatility for each tranche may have a significant impact on valuation.
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28
Graded Vesting Example– Upward Sloping Volatility
Inputs
3
$10.00
$10.00
0.00%
3.33%
35.0%
10.00
70%
60%
50%
Volatility
Number of Tranches
Stock Price
Strike Price
Dividend Yield (%)
Risk free rate (%)
Volatility (%)
Contractual Term (Years)
Volatility Term Structure
40%
30%
20%
10%
0%
Summary
GAAP-123(R) Value
IFRS 2 Value [1]
1
$3.23
$3.07
Difference ($)
-$0.16
Difference (%)
-5.06%
2
3
4
5
6
7
Expected Term (Years)
Notes
[1] Under IFRS 2, the expected term for plain-vanilla options is estimated for each individual tranche. The IFRS
value shown is the weighted-average value of each of the individual tranches. The overall weighted-average expected
life is set equal to the expected life assumed under GAAP. We have assumed that the expected life of each tranche
is equal to a fixed amount of time plus the individual tranche's vesting period, such that the weighted-average
expected life of the tranches is equal to the expected life under GAAP.
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29
Expense for Awards with Graded-Vesting
US GAAP
An entity has an accounting policy
choice to either
(1) recognize a charge on an
accelerated basis (similarly to the
method under IFRSs) or
(2) amortize the entire grant on a
straight-line basis over the
longest vesting period.
IFRS
A compensation charge is recognized
on an accelerated basis by treating
each separately vesting portion of an
award as a separate grant.
• Accounting differences between U.S. GAAP and IFRSs will arise for an
entity that adopts the straight-line method under U.S. GAAP for awards
with graded vesting.
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30
Income Taxes
Areas
US GAAP
IFRS
Deferred tax Deferred tax is based on GAAP
expense
Deferred tax is based on
expected tax deduction under
applicable tax law
Income
statement
impact
Deferred tax benefit is recorded
as reduction in tax expense and
trued up (through APIC pool or
P/L) when tax benefit is realized
Deferred tax benefit is recorded
as reduction in tax expense up to
IFRS expense times tax rate (limit
not applicable to liability awards)
ISO and
ESPP
Cannot record a DTA based on
anticipated deduction
Initial reaction is to follow FAS
123R
• Deductible amount, calculation methodology, and timing will need to be
tracked for each jurisdiction at each reporting date
• Tax expense will vary independently from book expense resulting in an
increase in effective tax rate volatility
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31
Deferred Tax Example







Grant date
Options granted
Grant-date fair value
Exercise price
Vesting
FMV at 12/31/2007
Tax rate
January 1, 2007
1,000
$10
$23
4-year cliff
$25
40%
 GAAP Deferred Tax Asset:
GAAP Expense x tax rate
(1,000 * $10 * ¼) * 40% = $1,000
 IFRS Deferred Tax Asset:
Intrinsic value at reporting date x tax rate
(1,000 * ($25-$23) *1/4) * 40% = $200
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Impact on Effective Tax Rate
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33
Payroll Taxes
US GAAP
IFRS
Liability is recognized when the taxes are Liability is recognized over vesting
period, subject to re-measured at each
levied (e.g., on exercise of an option).
balance sheet date until settlement.
(Issue 00-16).
(IAS 37 and IAS 19).
• Fair value or intrinsic value?
• Application of Social Security wage base
• Application of estimated forfeiture rate
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34
Overview of Differences and Implications
Key Potential
Differences
Potential Implications
Financial
Statement
Share Based Payments
 Award Classification  Differences in
timing, amount
and volatility in
 Measurement
compensation
expense
 Expense
recognition
 Tax Accounting
 Payroll taxes
 Differences in
tax effects on
balance sheet,
income
statement and
effective tax
rate
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Process/
Systems
Other
Process and data
Program design due
capture around
to differences in
tranche-by-tranche
classification,
measurement and
measurement and
expense
financial performance
amortization
metrics
Process and data
capture for income
and payroll tax
accounting based
on applicable law
Impact on cash tax
deduction,
chargeback and
transfer pricing
arrangements
Tracking employee
mobility for tax
accounting
35
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IFRS resources
Tools and/or publication
Description
IFRS Insights Newsletter
Periodic newsletter covering a spectrum of key issues for U.S. companies related to IFRS.
http://www.deloitte.com/dtt/article/0,1002,cid%253D214443,00.html
Deloitte IFRS Courses
IFRS e-learning modules, available online for free
http://www.iasplus.com/dttpubs/elearning.htm
IAS Plus Website
Leading online IFRS resource.
http://www.iasplus.com/index.htm
IFRS in your Pocket 2008
Details information about the IASB, use of IFRS around the world, summaries of IFRS
standards and other useful IASB information.
http://www.iasplus.com/dttpubs/pocket2008.pdf
Presentation and Disclosure Checklist incorporating all of the presentation and disclosure requirements of Standards.
Checklist
http://www.iasplus.com/fs/2007checklist.pdf
Model Financial Statements
Model financial statements illustrating the presentation and disclosure requirements of IFRS.
http://www.iasplus.com/fs/2007modelfs.pdf
First-Time Adoption: A
Guide to IFRS 1
Application guidance for the “stable platform” standards effective in 2005.
http://www.iasplus.com/standard/ifrs01.htm
Share-Based Payment: A
Guide to IFRS 2
Guidance on applying IFRS 2 to many common share-based payment transactions.
http://www.iasplus.com/dttpubs/shbased.pdf
Business Combinations: A
Guide to IFRS 3
Supplements the IASB’s own guidance for applying this Standards
http://www.iasplus.com/dttpubs/ifrs3.pdf
Copyright © 2008 Deloitte Development LLC. All rights reserved.
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Panelists' Contact Information
Chuong Pham
Tax Director | Global Employer Services
Deloitte Tax, LLP
New York WFC, 2 World Financial Center, New York, NY 10281-1414, USA
Tel/Direct: +1 212 436 6649 | Fax: +1 212 653 6065 | Mobile: +1 973 270 8219
[email protected] | www.deloitte.com
Bryan Anderson
Senior Manager | Global IFRS and Offerings Services
Deloitte & Touche, LLP
New York WFC, 2 World Financial Center, New York, NY 10281-1414, USA
Tel/Direct: +1 212 436 4914 | Fax: +1 212 653 5982 | Mobile: + 1 203 293 5196
[email protected] | www.deloitte.com
Ere Furbino
Senior Manager | Global IFRS and Offerings Services
Deloitte & Touche, LLP
New York WFC, 2 World Financial Center, New York, NY 10281-1414, USA
Tel/Direct: +1 212 436 5186 | Fax: +1 212 653 4708 | Mobile: + 1 917 288 9216
[email protected] | www.deloitte.com
Copyright © 2008 Deloitte Development LLC. All rights reserved.
38

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