IFRS - Transformation Agenda for Saudi Corporates. Organized by ICAP KSA Chapter

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1 IFRS - Transformation Agenda for Saudi Corporates 3 rd Saudi-Pak Accountancy Symposium Riyadh May 15, 2014 Organized by ICAP KSA Chapter

2 Here today Gavin Steel ME Conversion Leader 2

3 Origin of IFRS IASC (International Accounting Standard Committee) Introduced in 1973 Issued the IAS s (International Accounting Standards) IASB (International Accounting Standard Board) Introduced in April 2001 Succeeded IASC Introduced IFRSs( International Financial Reporting Standards) Introduced IFRIC (International Financial Reporting Interpretation Committee) IFRS is now widely applied around the world. Today over 140 countries either require or permit the use of IFRS for public company reporting

4 International Financial Reporting Standards What are International Financial Reporting Standards ( IFRS )? IFRS is a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information to be disclosed in general purpose financial statements. They comprise: There are IAS s (Standards issued prior to the formation of the IASB) IFRS s (Standards issued post the formation of the IASB) IFRIC s (Interpretations) SIC (Standing Interpretations Committee) 28 IASs (part of them were superseded by IFRSs. Or withrawn) 14 IFRSs 16 IFRICs 13 SIC Where do they come from? The International Accounting Standards Board ( IASB ) establishes the standards through a consultative process The IASB has 16 full time members The IASB is the independent standard-setting body of the IFRS Foundation a not for profit organisation The IFRS Foundation is an independent, not-for-profit private sector organisation working in the public interest. The Foundation is run by a board of Trustees The IFRS Interpretations Committee has 14 members appointed by the Board of Trustees

5 SOCPA The Saudi Organisation for Certified Public Accountants (SOCPA) was established under Royal Decree No. M12 in 1991 SOCPA s responsibilities include development and approval of accounting and auditing standards. It operates under the supervision of the Ministry of Commerce. All banks and insurance companies are required to adopt IFRS (SAMA requirement), In 2013, SOCPA approved an IFRS convergence plan by which listed entities other than banks and insurance companies would be required to report under SOCPA standards that will be IFRSs with some modifications IFRS as adopted in Saudi Arabia Listed entities are required to adopt in 2017; and Remaining entities are required to adopt in 2018 IFRS in Saudi Arabia will be similar to the standards issued by the IASB with possible modifications in three respects: Adding more disclosure requirements Removing optional treatments; and Amending the requirements that contradict Shariah or local law, taking in consideration level of technical and professional preparedness in the Kingdom The IFRS transition is part of a project called SOCPA project for transition to International Accounting and Auditing Standards 5

6 The Global Move to IFRS IASB Formed in 2001 EU announces adoption of IFRS for listed entities First IFRS issued EU listed entities adopt IFRS KSA announces adoption of IFRS KSA Adopts IFRS for listed entities Previously referred to as International Accounting Standards ( IAS ) 19 Countries using IFRS the reporting framework 70 countries adopted IFRS for listed companies 141 countries have adopted IFRS for listed companies Continued adoption of IFRS expected Saudi Arabia is the only country of the G20 that has not adopted IFR 6

7 Why IFRS? There are numerous reasons as to why countries (and businesses) are supporting the move to IFRS: Access and movement of global capital: Investor confidence Access to broader investment base Better supplier / payment terms for businesses Lower costs of capital Improved liquidity in the market Regulatory Better comparability of financial reporting Improved transparency Business Improves the skills of workforce Standardises processes / procedures and policies across a group Lowers costs The support for IFRS adoption is broad: International Organization of Securities Commissions (IOSCO); International Federation of Accountants (IFAC); Securities and Exchange Commissions (SEC); Basel Committee; The World Bank; International Monetary Fund (IMF); and The European Commission /all support the adoption of IFRS 7

8 IFRS adoption in Saudi Arabia Conversion timeline Opening IFRS Balance Sheet (1 January 2016) = Transition Date December 31, 2016 = Comparative period December 31, 2017 = Expected reporting date IFRS 1 limits full retrospective application IFRS SOCPA Dual reporting & reconciliations Use IFRS standards in force at the reporting date 8

9 Key considerations for conversion in Saudi Arabia Listed entities; First balance sheet needed as at 31 December months away. Unlisted entities First balance sheet needed as at 31 December months away. Issues arising: Gap differences need to be identified quickly across the group this is not a head office issue alone Data requirements Processes and system changes potentially required to capture the right data Resource requirements recruitment and training solutions Reconciliation processes to ensure dual reporting can be accomplished in the transition year Accordingly The conversion require s immediate planning to assess how to manage the process and address the technical complexities, the legal complexities, systems updates and training the employees. Companies need to quickly assess what additional assistance / resources are required to perform the conversion and to enable them to meet the deadline of

10 IFRS conversion the key message People Activities Entities Transactions Management EVERY CONVERSION EXERCISE IS DIFFERENT Starting point Systems Centralisation Geography Data

11 IFRS conversion What are the challenges of a conversion? Do I have the right people? What activities I should be doing? Where to start? Will the conversion affect the systems I am using? Can I generate all the required data? Should the conversion start at the group level of subsidiaries level? How to involve management in the decision making? How to account for all transactions? How should the conversion process be designed? Design a comprehensive approach Design a flexible approach to involve all parties at your entity Ensure to address anticipated issues before it happens Agree milestones Have the right governance structure and decision making capabilities

12 The Conversion Approach Guiding you through the conversion Gap analysis and roadmap People Project and change management Conversion Processes Embedding The IFRS (or equivalent) conversion methodology typically follows a three-phase approach as illustrated opposite: GAP Analysis and Roadmap: involves a detailed gap analysis, which produces a roadmap for successful conversion; Conversion: results in the production of the first IFRS financial statements; Policies Financial management and reporting Systems Embedding: ensures that systems, processes, policies and behaviours are adopted to report efficiently under IFRS (or equivalent) on an ongoing basis. 12

13 Financial statements effects IFRS adoption in Saudi Arabia Illustrative effort and impact of selected IFRS to SOCPA differences high Impairment Disclosures Derivatives and hedging Financial instruments Consolidation, JV s & associates Intangible assets Related parties Fixed assets Borrowing costs OCI Zakat/ Taxes Investment properties Business combination Investments Leases Inventory Employee benefits Implementation effort/complexity high 13

14 Finance & Accounting Logical Data Flow Finance Systems Architecture and Data Flows Output Requirements - External Applications XBRL filing / IFRS / SOCPA Reporting Zakat / Tax Reporting Integration Reporting Delivery Web Reports Standard Reports Fin Reporting Bridge Business Intelligence Financial Applications Consolidation, Planning / Budgeting and Reporting Consolidation Planning / Budgeitng Management Reports Financial Reports Integration Financial Applications - differences between business units / subsidiaries (Oracle, SAP, Microsoft) Other P2P Workflow GA PO AP Projects Master Data Management O2C PO AR AP CM 14

15 Global CoA design ERP and Policies Reconfiguration - Design considerations Co X (Legal Entity) 1. Utilize multiple accounting representations and ledgers - Transactions are still carried out only once 2. Optional secondary accounting Accounting Co X (Primary Ledger) IFRS GAAP Reporting Currency (SAR) Co X (Secondary Ledger) SOCPA Reporting Currency (SAR) representation, based on adoption of accounting policies and IFRS convergence strategy 3. Allow 1. Dual reporting Transaction Sub-ledger accounting Sub ledger Transactions Sub ledger accounting AP AR FA Others 2. Automated IFRS adjustments (different accounting treatment for same transaction) 3. Develop reconciliation reports 4. Audit trail of moving away from dual reporting and reconciliation environment to one converged reporting 15

16 Reporting considerations and process summary Transaction Processing Close and Consolidation Analysis and Reporting Record Transactions Perform Intercompany Accounting Manage Interfaces Reconcile Accounts Close Books & Consolidate Perform Statutory Reporting Perform Regulatory Reporting Perform Management Reporting Record Transactions - The process of determining, creating, approving and posting transactions to the ledger Perform Intercompany Accounting The process associated with intercompany invoicing, posting of transactions, settlement, dispute, reconciliation and query management Manage Interfaces - Refers to the management of interfaces between the ledger and other systems (multiple ERP systems, legacy systems, sub-ledgers, etc.) Reconcile Accounts - The process of establishing the reconciliation policy and approach, performing reconciliations, resolving issues and obtaining approval Close Books and Consolidate Refers to the monthly, quarterly, half yearly and / or annual process of booking period end entries, closing the ledger, consolidating financial result and producing the trial balance Perform Statutory Reporting - The process of creating standard financial statements (balance sheet, income statement, cash flow etc) and supplementary reporting in accordance with relevant accounting principles. Perform Regulatory Reporting - The process of creating statutory and / or regulatory reports and submitting to the appropriate authority Perform Management Reporting - The management reporting process refers to the creation of reports designed for internal management use and decision support Maintain Accounting Master Data Maintain Accounting Master Data: Includes the chart of accounts / code block, cost center structure, profit center structure, legal entity structure, and various other dimensions / elements for accounting data 35

17 In a Nutshell.. 17

18 What questions should you be asking now? Considerations for management and audit committees 1. Planning Are you aware of what needs to be done? 2. Applying IFRS 1 3. Accounting policies 4. Stakeholders 5. Embedding IFRS Have you considered the implications of the relevant exemptions? Have you considered all the relevant options and new standards? Are you managing stakeholders expectations? How will the entity conduct business as usual? 18

19 IFRS top 10 pitfall considerations 1. Understanding and analysing impact on financial performance 2. Commitment and involvement at all levels of the organization 3. Underestimation of the amount of work involved, scale and complexity of the conversion 4. Unprepared team to deal with the technical issues encountered. 5. Shareholder and analyst communication 6. Data availability and system requirements 7. Coordination with regulatory reporting requirements 8. Re-alignment of management information systems 9. Risk management 10. Uncompleted embedding of IFRS changes, resulting in spreadsheet accounting 19

20 Our experience says Do not delay the process act now! Have the FD as the Project Sponsor Define clear project and governance structures Implementation plan should have clear milestones and timelines Educate stakeholders early in the process Align IFRS conversion with entity s strategic objectives Financial reporting solutions should be sustainable Make sure your advisors do not do it too for you, but do it with you Understand where IFRS is going 20

21 The information contained in this presentation is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Before taking any action, please ensure that you obtain advice specific to your circumstances from your usual PricewaterhouseCoopers client service team or your other tax advisers. The materials contained in this presentation were assembled in September 2013 and are based on the law enforceable and information available at that time. PricewaterhouseCoopers, May All rights reserved. PricewaterhouseCoopers refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity. Slide 21

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