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KPMG IFRS INSTITUTE
KPMG Asia-Pacific IFRS
Conference notes
The KPMG Asia-Pacific IFRS Conference was held in May 2009. Present were members of the IASB, regulators, KPMG professionals and other corporate delegates.
Delivering the keynote address was Singapore’s Minister for Finance,
Mr. Tharman Shanmugaratnam who announced Singapore’s intention for a full alignment of the Singapore Financial Reporting Standards with the IFRS for Singapore-incorporated companies listed on the Singapore Stock Exchange by 2012.
Below, are the notes from the plenary and special interest sessions at the conference or click here to view a webcast of the proceedings and presentation notes.
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Conference Synopsis
Opportunities exist for companies to reap benefits through business transformation amidst calls for more transparent and consistent financial reporting which allows for the greater comparability of financial performance across markets. |
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The IASB’s response to the credit crisis
Working with various intergovernmental institutions to coordinate its responses to the financial crisis, the IASB has focussed its actions on the recommendations of the Financial Stability Board and the resolutions from the G-20 Summits in Washington (November 2008) and London (April 2009). |
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The IASB’s fair value measurement project
There is currently neither a single clear definition of fair value nor a consistent approach to measuring it. To address this, the IASB is currently carrying out a fair value measurement project with the aim to establish a single source of guidance for all fair value measurements, clarify the definition of fair value and related guidance and enhance disclosures about fair value and increase convergence between IFRS and US GAAP. |
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The state of capital markets and role of quality financial reporting
Some of the issues discussed in this panel discussion include the valuation of assets in an illiquid or falling market, the impact of companies marking-to-market their liabiliies and whether the financial markets are developing ahead of the development in accounting standards. |
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IFRS updates – IASB progress and plans
The IASB reviews, amends and creates standards on an ongoing basis. In this update, the IASB shares its progress relating to projects surrounding Derecognition, Consolidation, Fair value measurement, Financial instruments (IAS39), Financial instruments with characteristics of equity and other projects. |
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Business transformation
Converting to IFRS is much more than an accounting project. The process of conversion to IFRS poses many challenges and it places significant pressure on all parts of the organisation. However, it can also provide opportunies to review a company’s finance function for significant improvements. |
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Successful implementation of IFRS
Often, companies underestimate the extent to which the impact of IFRS conversion will extend throughout the entire organisation. Strong project management and involvement from all relevant stakeholders are critical for tackling this challenge and successfully implementing IFRS. |
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The challenges of converting to IFRS
This panel discussion tackles the key challenges facing IFRS conversion, achieving stakeholder support, the cultural impact of IFRS conversion and its significance for business models and what business case is necessary to get a project off the ground. |
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A vision for IFRS
This speech covers the role that the accounting profession must play in restoring confidence to capital markets, the need to work together for greater transparency and comparability in financial reporting and the new opportunities which may surface in the process. |
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Special interest session: Financial services update
The global financial system is in an “astonishing mess”.
This session discusses the role of accountants, the interaction of the impairment provisioning model used in IFRS and the expectations of regulators. Also discussed are financial sector issues relating to derecognition, consolidation and disclosure. |
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Special interest session: IT and IFRS – what is the impact?
In IFRS conversion projects, Information Technology (IT) tends to be the biggest component in terms of scope and costs. This session provides an overview of the IT issues related to IFRS conversion and KPMG’s insights on how to approach it. |
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