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2009 Optional Pre-Conference Workshops
Monday, September 28, 2009
9:00 - 12:00
Workshop A
Effective Strategies for IFRS Project Management
Chris Boland, CA, CMA, Boland Professional Corporation; former General Manager, Finance, Canada Post Corporation
This workshop will cover implementation and project management of IFRS as it relates to accounting changes, systems impacts, business issues and people impacts.
- Moving beyond planning: looking at implementation from a strategic project management perspective
- Assessing potential impacts of IFRS conversion on your IT systems
- Impact of CEO/CFO certification and Internal Control Over Financial Reporting (ICOFR) on IFRS
- Implementing parallel/dual systems or top-down reconciliations for financial reporting
- The plan will change: how will you react to it?
- Finding the systems and resources to undergo the transition
- Audit committee expectations
- Monitoring and reporting
- Project set-up:
- what should your project management team look like?
- pros and cons of outsourcing
- use of consultants
- positives and pitfalls of an in-house team
- who are the logical candidates to be on your team?
- Timelines and budgets
- When to involve stakeholders?
1:00 - 4:00
Workshop B
Enterprise Resource Planning (ERP) System Implementation
Siddarth Agarwal, Associate Partner, IBM Canada
This workshop will outline the broad IT/ERP options companies are faced with in the process of converting to IFRS. It will also provide a high-level point of view of how prominent ERP vendors support these options and summarize the key steps in planning and implementing the systems changes as part of your IFRS conversion.
- Options to meet parallel reporting requirements: approaches specific to prominent ERP vendors
- Target functional and IT component model: based on observations at companies that converted to IFRS
- Walk through a detailed example of IFRS impacts being addressed through ERP systems
- IFRS impacts that go beyond the ERP systems
- Considerations for companies using a separate consolidation and reporting systems layer
- Creating a roadmap for IFRS conversion: how to assess your options and plan the conversion
2009 Optional Post-Conference Workshops
Thursday, October 1, 2009
9:00 - 12:00
Workshop C
Transition to IFRS for Real Estate Investment and Development Entities
Chad Shaver, Senior Manager, Deloitte & Touche LLP
As real estate companies transition their processes and policies in anticipation of adopting IFRS, they will face various issues specific to the real estate industry. This interactive workshop will provide participants opportunity to explore in detail, timely, relevant topics and challenges they are facing implementing IFRS.
- Specific application of IAS 40 Investment properties, IAS 16 Property, Plant and Equipment, IAS 17 Leasing, IAS 12 Income Taxes, and IAS 31 Interests in Joint Ventures, to the real estate industry
- Policy choices: implications of the fair value method compared to the cost method, real estate valuations
- Accounting for properties under development: capitalized costs, cessation of capitalization
- Income taxation of corporations and REITs under IAS 12
- Accounting for subsidiaries: impact on consolidation, joint venture, equity method accounting
- Typical IFRS 1 exemptions and elections used by real estate companies
- Case studies of the impact on financial reporting of IFRS for real estate companies
1:00 - 4:00
Workshop D
In-Depth Examination of IFRS Issues Specific to the Mining Industry
The adoption of IFRS will have a significant impact on the preparation of financial statements for companies in all industries, but will create particular challenges for the mining sector. Often, IFRS provides little guidance for a number of mining-specific issues. This in-depth and interactive workshop will help provide guidance to mining companies implementing IFRS, as our facilitators share their experiences working with leading global mining companies.
- Specific application of IAS 16 (PP&E), IAS 36 (impairment) and IAS 37 (provisions) to the mining industry
- Property, plant, and equipment (IAS 16): elements of costs, components, and depreciation
- Impairment of assets (IAS 36): concepts of cash generating unit, recoverable amount, and applying the trigger test; other important standards will also be discussed
- Discussion of IFRS 6 and the IASB current projects relating to exploration and evaluation (E&E)
- Typical IFRS 1 exemptions used by mining companies
- Case studies of the impact on financial reporting of IFRS for global mining companies
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