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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 2
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
– Approximately 60 minutes
Conference Agenda ... continued
• Session 3 – Updating your NI 52-109 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 -
2011
– Approximately 45 minutes
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 3
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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 4
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.
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 5
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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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: 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
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 : www.issuescentral.com
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 7
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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 8
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)
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 9
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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 10
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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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 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.
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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.
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 14
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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 16
Impact Assessment Results Report in MS Word
Impact Assessment Checklist for Auditors QA Assurance
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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.
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 18
• 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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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!
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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.
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 23
Audit Committee Reports for Scoping
Qualitative Risk for IFRS
Audit Committee Reports for Scoping for
Comparatives 2011/2010
Qualitative Risk Comparison GAAP & IFRS
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 24
Audit Committee Reports for Scoping
Combined Qualitative & Quantitative Areas of Risk for IFRS
Audit Committee Reports for Scoping
Relevant Assertions Chart
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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.
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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
• 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
Overview of Controls Updates for IFRS Transition Year
(cont’d)
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 27
• 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
Overview of Controls Updates for IFRS Transition Year (cont’d)
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 28
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.
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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.
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 30
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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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.
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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.
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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 drill-
down to details.
Summary versions are excellent
for audit committee
presentations while details suit
the requirements of the project
team.
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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 52-109 /
SOX 404 software investments
8/31/2011Customer Conference – IFRS and NI 52-109
Copyright 2011 Issues Central, Inc.
www.ifrspartner.ca, www.cfopartner.ca 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:
• 1.800.410.6681 ext 112
• E-mail: [email protected]