Customer Conference IFRS and NI Provided for both IFRS PARTNER and CFO PARTNER for NI /SOX 404 Customers

Transcription

1 Customer Conference IFRS and NI Provided for both IFRS PARTNER and CFO PARTNER for NI /SOX 404 Customers August 31, 2011 Today s conference will begin at one minute past the hour. Please note that for the audio portion of today s event you will need to call in. Call-in number (US/Canada): or Event ID: # Welcome! Thank you for spending some time with us today and thank you for your business Old friends... and new ones We hope you have all had a wonderful summer and we look forward to meeting with each one of you in the near future as we visit our customer base 1

2 Conference Agenda Session 1 Maintenance and Support Update IFRS PARTNER and CFO PARTNER for NI /SOX 404 (formerly Compliance PARTNER) Approximately 30 minutes Session 2 Latest IFRS Updates -Changes and Impacts Approximately 60 minutes Conference Agenda... continued Session 3 Updating your NI Financial Compliance Controls and Testing to Meet the New Demands of IFRS Approximately 60 minutes Session 4 Getting Ready for Year-End Some Special Considerations for a Special Year Approximately 45 minutes 2

3 Our Presentation Team Presenter Catherine Connally Catherine Connally CIA President of Issues Central Catherine Connally has over twenty-five years experience in financial management and compliance, internal audit and executive management. She began her career in the extractive sector with internal audit responsibilities in both the mining and oil & gas sectors with Atlantic Richfield and British Petroleum. She is a well known technology and compliance sector entrepreneur. She has worked with, and provided seminars, to over eleven hundred organizations around the world on SOX 404/NI , IFRS transition and financial compliance. Catherine is a coauthor and primary architect of the industry-leading solution for local GAAPto-IFRS transition and reporting, IFRS PARTNER, as well as CFO PARTNER for financial compliance and internal audit in conjunction with the Sarbanes- Oxley Act. She graduated in finance from the University of Colorado at Boulder in the United States and is a Certified Internal Auditor

4 Presenter Donnacha Rahill Donnacha Rahill FCA Senior IFRS Consultant Issues Central Donnacha Rahill is an IFRS authority with over twenty years of financial accounting and executive management experience in areas such as external audit practice, treasurer and controllership duties, leading to CFO duties with executive responsibilities at a major financial institution with over 20 billion under management. He has been working with IFRS since 2005 in both an operating capacity, including at the CFO level, as well as an IFRS transition consulting expert. His experience covers insurance, banking, management consulting, manufacturing and food processing. Donnacha brings a depth of international experience including Ireland, Singapore, Canada and the United States. He began his auditing career with Price Waterhouse Coopers in Dublin where he became a manager prior to entering industry. He is a Fellow of the Institute of Chartered Accountants of Ireland and has been a member of the Institute since Seminar Presenter Irfan Cehajic Irfan Cehajic Senior Software Developer Issues Central (Toronto, Canada). Irfan Cehajic is a computer engineer with over 10 years of experience in designing and implementing enterprise software solutions for telecommunications, workforce management, wealth management, and accounting industries. At Issues Central, Inc. (ICI) Irfan is part of the technical team delivering software solutions to challenging accounting projects, such as the IFRS Transition suite of software tools. His focus is on client-focused content presentation and delivery. Irfan has a BASc from University of Toronto

5 Host Charley Best Charley Best MBA Vice President Issues Central Charley Best has over 25 years of experience in executive management and consulting roles across the technology and industrial sectors. He is an authority on international financial compliance legislation trends. Charley has worked extensively with companies in Canada, the United States, South Africa and Nigeria to develop and deliver methodologies and tools to streamline costs and time-to-comply for areas such as IFRS transition, the Sarbanes-Oxley Act of 2002, NI , Corporate Governance, Executive Compensation Disclosure and more. He has a BA from Queen s University in Kingston, Ontario, Canada and an MBA from York University in Toronto, Canada. About Issues Central, Inc. Issues Central, Inc. was founded in 2002 as a developer of compliance and governance solutions for CFOs, Senior Financial Managers, and Boards of companies listed on global capital markets. Developers of the award-winning CFO PARTNER brand of financial compliance products for legislation such as the Sarbanes-Oxley Act and NI (this product was formerly known as Compliance PARTNER when it was being distributed in Canada by the Canadian division of Thomson Reuters (Carswell) CFO PARTNER is an internal audit and financial compliance solution that dramatically reduces the cost of documentation and testing of internal controls and disclosures controls 5

6 About Issues Central, Inc. To support our customer base in 2008 Issues Central introduced the world s first GAAP-to-IFRS transition product -IFRS PARTNER. IFRS PARTNER is the leading software solution worldwide to help automate and streamline the transition from local GAAP to IFRS (and then provide ongoing IFRS compliant financial reporting. Canadian website: In 2010 we expanded our business and operations to include new initiative for IFRS and compliance in the U.S. and international markets. These new services, products and business operations have allowed us to attract increasingly senior IFRS and financial compliance expertise, and developments talent. IFRS U.S. website: IFRS Nigerian website: About Issues Central, Inc. In 2011 and beyond we will be introducing new niche products for markets such as: International Public Sector Accounting Standards (IPSAS) For the U.S. market a Convergence product to deal with the rapid changes in U.S. GAAP brought about by convergence with IFRS XBRL reporting and electronic filing technology and services (XBRL PARTNER) and other specialty products designed for regulatory and compliance initiatives To learn more visit our corporate website :

7 Session 1 Maintenance and Support Update for Customers: IFRS PARTNER and CFO PARTNER Customer Conference IFRS and NI August 31, 2011 Please note that for the audio portion of today s event you will need to call in. Call-in number (US/Canada): or Event ID: # Our Presenters for Session 1 Cathy Connally Irfan Cehajic Charley Best 7

8 Maintenance & Support Update For both IFRS PARTNER and CFO PARTNER for NI /SOX 404 Optional annual renewal Entitles each customer to: A minimum of one software update per year (new features, reporting, etc) A minimum of one content update per year (related to legislation, IFRS standard changes, new compliance frameworks) tech support and upgrade assistance For the coming year we will be adding some exciting new features to maintenance & support Maintenance & Support Update For the coming year we will be adding some exciting new features to maintenance & support: More web-based group training session for both IFRS PARTNER and CFO PARTNER for NI /SOX 404 (standard) Recorded training materials that you can run at your convenience (standard) Year-End Customer Web Conference covering important IFRS and NI financial compliance developments (standard) Preferred Customer Consulting Assistance on both IFRS and NI issues (optional extra) 8

9 Brief Overview of Product Development What we have done and where we are going for: IFRS PARTNER, and CFO PARTNER for NI /SOX 404 IFRS Partner Software and Content Updates August 31,

10 New Software Features and Content Updates Updated Content Objectives Provide the latest standards and ability to generate up to date IFRS policies More notes to look at for use in financial statement preparation Updated impact assessment content for new standard adoption Pre-populated action items with question and answer style approach to analysis and documentation Cuts time by 50%

11 New Software Features and Content Updates for IFRS PARTNER Designer & ITM Viewer Standards Updates for 2011 for IFRS PARTNER Designer Provide the latest standards and ability to generate up to date IFRS policies Updated impact assessment content for new standard adoption Pre-populated action items with question and answer style approach to analysis and documentation Cuts time by 50% Provide updates for 2013 standards that allow early adoption

12 Overview of Content Updates for IFRS Partner Financial Statement Illustrator Provide the latest disclosures for 2011 and beyond Hundreds of new additions for latest standards Provide now 2000note samples for your use in financial statement preparation 120new financial statement categories which allow proper disclosure selections New look for IFRS PARTNER Easy navigation to selected activities with a click on appropriate menu option

13 IFRS Policy and Impact Assessment Ready to Edit All modules for standards in affect now. Pre-Populated Impact Assessment Content Simple question and answer style of documentation and policy analysis producing auditor documentation

14 Pre-PopulatedImpact Assessment Content Software Updates for ITM Viewer Provide easier to use documentation for auditors Reports now available in MS Word for easier editing and tailoring to your requirements

15 New Reports for IFRS Policy Adoption/Impact Assessment New Reports and report formats in Word for easy Editing New Policy Development Report in MS Word

16 Impact Assessment Results Report in MS Word Impact Assessment Checklist for Auditors QA Assurance

17 New Software Features and Content Updates for IFRS PARTNER Financial Statement Illustrator New IFRS Partner Illustrator Features IFRS Illustrator Release 9.0 New Features: 1. User configurable Line Item amounts formatting. 2. Support for Supplemental information sections on Balance Sheet & Income Statement. 3. Scoping Comparative Reports are now in MS Word for new standards 4. License security revamp

18 New IFRS Partner Illustrator Features IFRS Illustrator Release 8.0 New Features: 1. Added Checkpoint Integration with Thompson Reuters. 2. Enhancement to Financial Statement formatting. 3. Added ability to view Notations in the Statement Note Repository Manager 4. Added support for alternative characters for zero amounts. Over 2000 Sample Notes

19 2011 Product Update Change management in IFRS Scoping analysis determining impact from one IFRS standard to another Example from IAS 27 Consolidations to IFRS 10 Consolidated Financial Statements Impact assessment for changes new standards New policies for changes to new standards Later in 2011 Q3/Q4 Extreme flexibility in financial reporting including both methods of cash flow statements: Direct and indirect Integration with financial reporting systems with importing of balances More and more notes from Canada!

20 Overview of CFO PARTNER August 2011 IFRS Controls Edition Updated Contents Objective of August IFRS Controls Content Project Plan & Scoping Templates Overview of IFRS Controls Content Updates Property Plant & Equipment Sample of Content Action Item Usage New ITM Viewer Reports

21 Objectives of IFRS Transition Content Provide best practice IFRS controls for implementation and testing of IFRS transition controls IFRS comparative scoping entry and reporting to assess risk of both sets of processes Provide reporting to Audit Committee Updated Main Menu for CFO PARTNER Easy navigation to selected activities with a click on appropriate menu option

22 Overview of Updates for IFRS Transition Year Project Plan Updates: Brand new IFRS scoping to assess quantitative and qualitative risk for IFRS processes See slides that follow for new entry and reporting Also included, prior year GAAP/IFRS scoping if required for comparatives and risk assessment Step by Step Project Plan and Top Down Risk Assessment: For IFRS

23 Audit Committee Reports for Scoping Qualitative Risk for IFRS Audit Committee Reports for Scoping for Comparatives 2011/2010 Qualitative Risk Comparison GAAP & IFRS

24 Audit Committee Reports for Scoping Combined Qualitative & Quantitative Areas of Risk for IFRS Audit Committee Reports for Scoping Relevant Assertions Chart

25 CFO PARTNER - DC&P and ICFR Controls and Testing Content Best practice templates for design and implementation of DC&P and ICFR and Operating Effectiveness Testing for IFRS controls. IFRS Controls Content Ready to Edit Click on module to be tailored to suit your company s controls and requirements. Note: you can also retain prior year controls in subdirectories visible from here

26 Overview of Controls Updates for IFRS Controls Disclosure Controls Updates Updates include transition plan for IFRS Project with key tasks for Action Item capture and graphical reporting in ITM Viewer. Property Plant & Equipment Updates Updates to controls with respect to componentization and derecognition of components Financial Reporting Updates- Updates to support IFRS adjustments and Comparatives for transition year Overview of Controls Updates for IFRS Transition Year (cont d) Treasury Controls Updates to support: Debt instruments controls Investments/Financial Instruments controls Stock options controls Foreign currency controls Revenue Controls Updates to support: Revenue recognition Returns recognition

27 Overview of Controls Updates for IFRS Transition Year (cont d) Inventory Controls Updates to support: Overhauls and parts to support overhauls Impairment Controls Updates to support: Impairment review/testing under IFRS Discount rates Provisions and ARO Controls Updates to support: Provisions calculations Discount rates Overview of Controls Updates for IFRS Transition Year (cont d) Leases Updates to support: Controls regarding leases as: Lessee and Lessor Entity Controls: Updates to support ITM Viewer reporting Updates regarding IFRS Income Taxes Controls: Updates to support: IFRS changes to tax calculations

28 Flowcharts Generated Automatically NI documentation includes flowcharts of key processes which the system can automatically generate. Swimlane flowcharts can visually highlight segregation of duty issues. Risk Control Matrices and Process Overview Documentation NI documentation Risk Control Matrix and Process walk-through reports are generated

29 COMPLIANCE Designer 4.0 Action Item Overview & Report Action Items to Capture Tasks Action Items are used to capture information such as test results and are synchronized to the ITM Viewer

30 Action Item Details See Compliance Designer manual for further explanation of Action Item usage. The Action Item only needs to have a description and a category to be saved. Edits can be performed at any time ITM Viewer Usage and Reports New Reports

31 ITM Viewer Basics ITM Viewer is a read only and reporting engine to consolidate reporting across all files for CFO PARTNER. Different profiles can be maintained for different views Data is synchronized either on demand on a scheduled basis After data is synchronized, the user selects to refresh the data for reporting Users select data to display in the grid and report on that selected data Filters can be established to control data displayed ITM Viewer The ITM Viewer synchronizes the data from the ICFR ITM files and reports on this data

32 ITM Viewer Reports: Updates 1. New format for Impact Assessment Results Report now in Word 2. IFRS Policy Development Report is new and in Word Project Schedule Detailed project scheduling at a high level or detailed level can be generated

33 Project by Status Pie Chart Pie Chart Status report is typically used to show the Audit Committee status at a summary level. Policy Development Report Displays test instructions and results along with control objective in Word

34 Impact Assessment Checklist Displays all tests and actions and their status in pdf format Impact Assessment Results Report Displays Control and test results in brief report in Word

35 Risk Profile Summary Report Action Items entered to capture test results yield graphical reports with drill-down to details. Summary versions are excellent for audit committee presentations while details suit the requirements of the project team. Operating Effectiveness Testing Summary Action Items entered to capture test results yield graphical reports with drilldown to details. Summary versions are excellent for audit committee presentations while details suit the requirements of the project team

36 Operating Effectiveness Testing Summary with Drill Down Maintenance & Support Information In the coming weeks you will be receiving more information of your Maintenance & Support options and program details We encourage you to protect your IFRS PARTNER and CFO PARTNER for NI / SOX 404 software investments

37 Next Session and Contact Information Our next session, Session 2 Latest IFRS Standards Changes Differences and Impacts will start in a few minutes For questions or more information on your maintenance and support programs please contact: Charley Best at: ext charleybest@issuescentral.com