Académique Documents
Professionnel Documents
Culture Documents
Pete Graham
SAP Business Suite Solution Management
Norm White
SAP Consulting
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Speaker Introductions
Wrap-Up / Q&A
Canada
2009*‒11
Europe
United States 2005
Japan
2015‒16? China 2010*/15?
2007
India
Mexico 2011
2012
Brazil
2010
Australia
Chile 2005
2009 South Africa
2005
United States
• Shift to IFRS is highly likely, though not imminent
• Company efforts have been slowly building sense the release of this workplan
• SEC’s Statement on Convergence and Global Accounting Standards issued in
February 2010
– Strong commitment to a single set of high-quality global standards
– IFRS is ―best positioned‖
– Support for convergence by end of 2011
– Directed Staff to carry out a ―Work Plan‖
• Evaluate the impact of IFRS, support a decision on an IFRS mandate in 2011
• Consistent with timing outlined in proposed IFRS roadmap
• Timeline for conversion noted by the SEC is no earlier than 2015/2016 (thereby
reflecting a January 1, 2013/2014 transition date)
• Directs the staff to carry out a ―Work Plan‖ that sets forth specific areas and factors for
consideration before potentially transitioning to IFRS
• Also directs the staff to provide public progress reports to the Commission beginning
in October 2010 and continuing until the work is complete
– –
“Financial Crisis” Convergence
Financial instruments (classification and Exposure Draft (All) Exposure Draft (Liab)
–
measurement) Final Standard (Assets) Final Standard (Liab)
Financial instruments impairment Exposure Draft Final Standard –
Financial instruments hedge accounting – Exposure Draft Final Standard
(1) Convergence status and estimated dates as of May 5, 2010 per International Accounting Standards Board (IASB) website | (2) ED has been issued
results using
IFRS
* Note that the expected date of IFRS adoption is based on the February 24, 2010 SEC Statement in Support of Convergence
and Global Accounting Standards.
IFRS Roadmap continues this requirement by setting forth a requirement for three
years of IFRS financial statements
– Assumes that the audit requirement stays in place
results using
IFRS
* Note that the expected date of IFRS adoption is based on the February 24, 2010 SEC Statement in Support of Convergence
and Global Accounting Standards.
Copyright © 2010 Deloitte Development LLC. All rights reserved.
© SAP 2010 / Page 14
Options for Parallel/Dual Reporting
“Real Time” parallel — SAP and other systems will have to support the ability to produce
US GAAP and IFRS statements simultaneously at the transaction level
– This will require re-engineering SAP and feeder systems
– Parallel valuation functionality or account mapping will be important to support the effort
– Requires ―early adoption‖ of IFRS (functionally going live at start of parallel)
“Retrospective” parallel — SAP and other systems will not have to support IFRS at the
transaction level until ―live date‖ (12/31/15)
– Simplifies parallel reporting, but could create significant challenges offline in
Excel/consolidation tools
Speaker Introductions
Wrap-Up / Q&A
SAP offers the most complete IFRS solution, addressing all facets
IFRS is more than an accounting issue - it impacts people, processes, and technology
SAP provides a single technology stack with support for all major architectures
A smooth phased transition to IFRS must leverage technology as an enabler
SAP provides market leading, integrated ledger and consolidation applications
Impacted systems include financial consolidation and reporting applications,
general ledger, and sub-ledgers
Proven install base of customers already reporting according to IFRS
1,500+ financial consolidation and reporting implementations
4,000+ general ledger implementations (includes 100+ US GAAP to IFRS conversions)
Agile solutions and content offer quickest wins for customers adopting IFRS
People
Process
© SAP 2010 / Page 17
SAP and IFRS Compliance Solutions and
Services
Standard SAP applications, SAP services, and our partners can
provide the necessary support for your IFRS project
Account-Based
Parallel Ledger
Speaker Introductions
Wrap-Up / Q&A
For ERP and POA: planned innovations include better interaction between PCM and
CO-PA & New G/L and POA.
SAP provides the leading ledger and a summary table with the standard
system There is a new standard field ―segment‖ in SAP ERP 6.0
There is exactly one leading ledger and is activated at the client level
The leading ledger gets many of its control parameters from the
company code
What is it
Migration Scenarios
Lessons Learned
The General Ledger in SAP ERP (new G/L) encompasses some of the
most important and exciting new functionality to become available in the
SAP ERP Financials application in recent years
The new G/L implementation project starts with the definition of a new
G/L concept
Migration does not ―fix‖ existing configuration issues, it only moves data
from one data table to another
Speaker Introductions
Wrap-Up / Q&A
Selected
Observations and insights
success factors
Disciplined project • Companies need to select the right project sponsor — one who has the breadth and depth
management of experience to understand the broad implications of the proposed accounting changes (e.g.,
should be applied system, process, tax and organizational implications)
to accounting • Downstream process and system analyses are frequently dependent on accounting policy
policy selection selection; if project management discipline is not applied to the process of evaluating
accounting policy options, the ultimate conversion project could stall
Consider U.S. • IFRS is driving significant changes to U.S. GAAP through the convergence agenda, in
GAAP convergence some cases on a more accelerated timeline
Committed • Internal resources required are often not consistently available, to participate in key
resources and decisions and achieve knowledge transfer
established vision • Companies tend to underestimate resource needs, total cost, and time requirements
• Failure to achieve durable consensus within senior executive group on program
objectives and priority
Clearly defined and • Gaps typically exist between documentation of accounting conclusions and the
communicated information Finance Technology needs to evaluate, plan for and budget system needs
system • Limited experience with managing this type of communication is often found in many
requirements organizations
Granular • Implementation roadmaps often are not sufficiently detailed from a process and a system
implementation standpoint to be actionable and to identify key resource requirements and interdependencies
planning — this lack of detail can result in inefficiencies and rework
IFRS is not the only driver for transitioning to the SAP General Ledger.
Companies who have migrated have enjoyed additional benefits.
Functionality /
Application Observations and insights
Feature
Unified Structure • Cross Functional (GL, CO, • Allows simplification of structure of financial reporting
Profit Center Reporting) infrastructure
• e.g. eliminate CO reconciliation and COGS ledger
• Creates ―one version of the truth‖
• Allows faster month end close
• Greater traceability and auditing of results
Extensibility • Customer Specific Fields • Extremely valuable for industry specific requirements
Segment Reporting • Reporting required by SFAS • Creates robust solution for Segment Reporting
131 and IAS14
Document Splitting • Full Balance Sheet by Profit • Provides enhanced management reporting at profit center
and Profit Center Center or other dimension or other management unit
Reporting • Significant enhancement over functionality in earlier
releases
• May eliminate FRICE-W / user exits in earlier releases
Parallel Ledgers • Statutory Reporting (could be • The simplification and standardization of statutory reporting
IFRS in certain countries) is a significant benefit seen by customers
• Provide flexibility for local and group close
Speaker Introductions
Wrap-Up / Q&A
Listen to the IFRS Webinars and Other Resources from SAP Ecohub
http://ecohub.sdn.sap.com/irj/ecohub/ifrs
Have an idea?
Write a blog
… at …
https://www.sdn.sap.c
om/irj/scn/forum?foru
mID=400
Norm White
Senior Consultant
SAP Consulting
SAP
John E. Steele Jr.
Norm.white@sap.com
Senior Manager
Deloitte Consulting LLP
E pete.graham@sap.com
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