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

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. IFRS Adoption in US Conceptual Timeline/Milestones
IASB/FASB Convergence
…2008
Statutory
Analysis
Codification
SAC
Policies
Education
Governance
Systems
SAC
PEGS
Parallel Reporting
Controls
2013
FS Reporting
Accelerated
Filers
Compulsory
2018
All Issuers
Compulsory
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. Transition Framework Report and Disclose IFRS Educate Users
Implement IFRS, Systems and Processes
System Specifications Changes
Business Process Changes
Identify Differences
Educate Decision Makers
Select Policies
Model IFRS FS
The Adoption
The Implementation
The Change
The Competency