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IFRS A U.S. Preparer’s Perspective Kevin McBride Accounting Policy Controller Intel Corporation.

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Presentation on theme: "IFRS A U.S. Preparer’s Perspective Kevin McBride Accounting Policy Controller Intel Corporation."— Presentation transcript:

1 IFRS A U.S. Preparer’s Perspective Kevin McBride Accounting Policy Controller Intel Corporation

2 2 Challenges To IFRS Adoption Substantial differences in certain areas –Considerable work to adopt IFRS –Convergence projects adds uncertainty and complexity –Not just an accounting exercise Principles-based vs. rules-based standards –Increase use of professional judgment

3 3 IFRS Adoption in US Conceptual Timeline/Milestones … 2008 Statutory Analysis Codification SAC Policies Education Governance Systems SAC PEGS Parallel Reporting Controls 2013 FS Reporting Accelerated Filers Compulsory 2018 All Issuers Compulsory IASB/FASB Convergence SEC Transition Framework Lock-down agenda and form of final standards Transition framework is critical Consistent global application uncertain Overcome our rules-based culture Significant changes required during next five years

4 4 Transition Framework Identify Differences Educate Decision Makers Select Policies Model IFRS FS System Specifications Changes Business Process Changes Implement IFRS, Systems and Processes Report and Disclose IFRS Educate Users The Competency The Change The Implementation The Adoption

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