Customer Conference –IFRS and NI 52-109 · PDF filetelecommunications, workforce management, wealth management, and accounting industries. ... IFRS and NI 52-109 financial compliance

8/31/2011Customer Conference – IFRS and NI 52-109

Copyright 2011 Issues Central, Inc.

www.ifrspartner.ca, www.cfopartner.ca 1

Customer Conference – IFRS and NI 52-109

Provided for both IFRS PARTNER and

CFO PARTNER for NI 52-109/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): 1-866-469-3239 or

1-650-429-3300

Event ID: 636 103 925 #

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




Conference Agenda

• Session 1 – Maintenance and Support Update

– IFRS PARTNER and CFO PARTNER for

NI 52-109/SOX 404 (formerly Compliance PARTNER)

– Approximately 30 minutes

• Session 2 – Latest IFRS Updates - Changes and

Impacts


Conference Agenda ... continued

• Session 3 – Updating your NI 52-109 Financial

Compliance Controls and Testing to Meet the

New Demands of IFRS


• Session 4 – Getting Ready for Year-End – Some

Special Considerations for a Special Year -

2011





Our Presentation Team

Presenter – Catherine Connally

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 52-109, IFRS transition and financial compliance. Catherine is a co-

author and primary architect of the industry-leading solution for local GAAP-

to-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.

Catherine ConnallyCIA

President of Issues Central




Presenter – Donnacha Rahill

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

1987.

Donnacha RahillFCA

Senior IFRS Consultant

Issues Central

Seminar Presenter – Irfan Cehajic

.

Irfan CehajicSenior 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.




Host – Charley Best

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 52-109, 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. Charley BestMBA

Vice President

Issues Central

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

52-109 (this product was formerly known as Compliance PARTNER when it

was being distributed in Canada by the Canadian division of Thomson

Reuters (Carswell)

•www.cfopartner.ca

•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





• 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: www.ifrspartner.ca

• 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: www.ifrspartner.com

• IFRS Nigerian website: www.ifrspartner-nigeria.com


• 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 : www.issuescentral.com




Session 1

Maintenance and Support Update for

Customers: IFRS PARTNER and CFO PARTNER

Customer Conference – IFRS and NI 52-109

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): 1-866-469-3239 or

1-650-429-3300

Event ID: 636 103 925 #

Our Presenters for Session 1

• Cathy Connally

• Irfan Cehajic

• Charley Best




Maintenance & Support Update

• For both IFRS PARTNER and CFO PARTNER for NI 52-109/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)

• 1-800 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 52-109/SOX 404 (standard)

– Recorded training materials that you can run at your convenience (standard)

– Year-End Customer Web Conference covering important IFRS and NI 52-109 financial compliance developments (standard)

– Preferred Customer Consulting Assistance on both IFRS and NI 52-109 issues (optional extra)




Brief Overview of Product Development

• What we have done and where we are going

for:

– IFRS PARTNER, and

– CFO PARTNER for NI 52-109/SOX 404

IFRS Partner Software and

Content Updates

August 31, 2011




New Software Features and

Content Updates

• 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%

Updated Content Objectives




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




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 2000 note samples for your

use in financial statement preparation

• 120 new 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.




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.




Pre-Populated Impact 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




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




Impact Assessment Results Report in MS Word

Impact Assessment Checklist for Auditors QA Assurance




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.




• 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.

New IFRS Partner Illustrator Features

Over 2000 Sample Notes




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!




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




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.




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




Audit Committee Reports for Scoping

Qualitative Risk for IFRS

Audit Committee Reports for Scoping for

Comparatives 2011/2010

Qualitative Risk Comparison GAAP & IFRS





Combined Qualitative & Quantitative Areas of Risk for IFRS


Relevant Assertions Chart




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.




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

• Treasury Controls –

– Updates to support:

• Debt instruments controls

• Investments/Financial Instruments controls

• Stock options controls

• Foreign currency controls

• Revenue Controls –


• Revenue recognition

• Returns recognition

Overview of Controls Updates for IFRS Transition Year

(cont’d)




• Inventory Controls –


• Overhauls and parts to support overhauls

• Impairment Controls –


• Impairment review/testing under IFRS

• Discount rates

• Provisions and ARO Controls –


• Provisions calculations

• Discount rates

Overview of Controls Updates for IFRS Transition Year (cont’d)

• Leases


• Controls regarding leases as:

– Lessee and

– Lessor

• Entity Controls:

– Updates to support ITM Viewer reporting

– Updates regarding IFRS

• Income Taxes Controls:


• IFRS changes to tax calculations

Overview of Controls Updates for IFRS Transition Year (cont’d)




Flowcharts Generated Automatically

NI 52-109 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 52-109 documentation Risk Control

Matrix and Process walk-through

reports are generated.




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.




Action Item Details

The Action Item only needs to have

a description and a category to be

saved. Edits can be performed at

any time

See Compliance Designer

manual for further

explanation of Action Item

usage.

ITM Viewer Usage and Reports

New Reports




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.




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.




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




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




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 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 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 52-109 /

SOX 404 software investments




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:

• 1.800.410.6681 ext 112

• E-mail: [email protected]

Customer Conference –IFRS and NI 52-109 · PDF filetelecommunications, workforce management, wealth management, and accounting industries. ... IFRS and NI 52-109 financial compliance

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