2008 asset accounting and ifrs things to consider
DESCRIPTION
Asset Accounting and IFRSTRANSCRIPT
7/17/2019 2008 Asset Accounting and IFRS Things to Consider
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]
Orange County Convention Center
Orlando, Florida | May 15-18, 2011
Asset Accounting and IFRS -
Things to Consider
Gary Fullmer Americas IFRS Enablement – SAP Lead
Ernst and Young LLP
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[
1
Learning Points
Accounting Changes are taking place today
Convergence is now
IFRS is later?
Financial Managers should have a ―working‖ knowledge of
Asset Accounting Communication with Asset Accounting Experts
Begin Now
Project teams
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[
2
What We’ll Cover …
Meeting the Convergence & IFRS Requirements
An Overview of SAP Asset Accounting Planning for your Conversion Project
Wrap-up
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[Convergence Projects Underway
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[ Timeline for Accounting Change
4
1Assumes IFRS adoption in 2015 with two years comparative information.
► 12 Exposure Drafts (“EDs”) expected in 2010 and 2011–
jointly developed by the FASB and IASB
► Includes - Leases, revenue recognition, financial statementpresentation and financial instruments
► The rate and volume of accounting change is unprecedented
► SEC final decision on IFRS is still expected in 2011,
potentially driving further conversion changes
► Navigating the uncertainty and complexity will be challenging
and will put extreme pressure on the finance function
Analyze standard
and create plan
… fundamental changes in
accounting and reporting
paradigms … are being proposedin the forthcoming Eds … there are
numerous interdependencies
among the standards that further
complicate the analysis
Arnold Hanish , VP & CAO Eli Li l ly
Chairman, FEI Comm ittee on Corpo rate
Report ing
Letter to the FASB and IASB, May 7, 2010
2010 2011 2012 2013 2014 2015
Q2 Q3 Q4 H1 H2
IFRS timeline 1
FASB/IASB jo in t pro jects
Parallel reporting for
comparative purposesIFRS
reporting
SEC
decision
Implementation/Effective dates?
IFRS opening balance sheet
FinalImplement and testComme
nt
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[ Selected IFRS Rules
5
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[ IFRS will Impact Many of the Major Components of the
SAP Financial Landscape
6
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[ Parallel Reporting Options — Embed or Hybrid Optionsfor Asset Accounting
Approach Definition Manual Automated
Top-side ► An approach using journal entries at the company orconsolidation level to adjust existing US GAAPbalances for IFRS differences
Embed ► An approach using enabling technologies to recordIFRS compliant transactions
► May use ERP application via chart of accounts,alternate ledger, company codes or anotheroptions
► Individual solutions for assets and other areas arealso enabled at the sub-module level by addingtransaction types, valuation differences, etc.
Hybrid ► Combination of the “top-side” and “embed”
Companies need to maintain two versions of data within their systems.
The challenge is how to enable the different versions
without undue manual adjustments.
7
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[ Two Options for IFRS Reporting Using SAP General Ledger — Flexibility
8
Suggested Approach SAP General Ledger
Account-Based Easiest to implement
Single-ledger approach
Parallel Ledgers Most transparentapproach
Independent set of books
Future IFRS requirementsmore easily
accommodated Future enhancements
easily accommodated
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[
Subsidiary
(Sub)
Finance
Asset Accounting Must Be Configured at ERP Sub-Ledger Level
Sub A GLSub A
Sub B
Sub C
Sub B GL
F e e d e r
S y s t e m s
Sub C GL
Operational
Departments
(Cost Centers)
Subsidiaries
close their GL
& Report to
HQ
It is expected that companies will embed IFRS at various levels
for different transactions and for different subsidiaries.
With the decision being driven by the cost/benefit.
F e e d e r
S y s t e m s
F e e d e r
S y s t e m s
Embed atReporting
Package
Single or
Parallel
Ledger
Asset
Accounting
Sub ledger
Corporate Consolidated Results
CorporateConsolidation
Process & System
US GAAP & IFRS
Financial &
Management
Reports
Consolidation Process
Reports ----------
---
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Reports
----------
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Reports
----------
---
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Reports
----------
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[
10
What We’ll Cover …
Meeting the Convergence & IFRS Requirements
An Overview of SAP Asset Accounting Planning for your Conversion Project
Wrap-up
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[ Selected Asset Accounting ConsiderationsUS GAAP to IFRS
General topics
Componentization of Assets
Fair Value and Original Costs – converting assets under IFRS
Impairments and Residual Values – annual testing/review
Disclosures
Selected Asset topics where there may be changes
Leases
Research and development
Intangible assets/software
Assets held for resale and investment assets
11
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[
FI/CO/MMSource
for asset creation
Company
Code (s) Chart
Local
(01)IFRS
Deprec.Keys Methods& Controls
Asset
Master
Records
Sub-Asset (s)
Master
Records
Asset
Class
(02)
(Local)
Deprec.
Keys
Methods
& Controls
(03)
(TAX)
Deprec.
Keys
Methods
& Controls
Line Items
APC,
Deprec
Dep. Areas Dep. Keys Deprecation
ChartIFRS
Chart
TAX
Charts of
Depreciation
LLIFRS
02
Local
03TAX
Parallel
Ledgers
Transaction
Types
12
SAP — Asset Accounting: Overview and Terminology
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[ Transaction Types
Definition Asset transaction types identify individual business transactions as
they are recorded during the original financial posting
Can be a manual entry or automatically derived based onconfiguration
Transaction types identify: Acquisitions
Retirements
Fixed Asset Transfers
Post Capitalization
Down Payments Manual Depreciation Entries
Asset Write-Up Entries
Transaction
Types
13
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[Asset Master Record
Definition The asset master contains the comprehensive listing of data
for an asset including: General Description, and Functionality
Serial numbers Time Dependency – For Cost Center, Business Area, ... Allocations – Investment support measures, links to
equipment master, and other data Origin Information – Vendor, Manufacturing, Country of
Origin ...
Net Worth Tax Insurance – Type, company, agreement number, start,
value, index Depreciation Area Link Other – Leasing information if applicable
Asset
Master
Records
14
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[ Asset Master Record (cont.)
15
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[Charts of Depreciation
Definition
They manage various legal requirements for the depreciation andvaluation of assets
Usually country-specific requirements by Company Codes
SAP delivers country-specific charts as reference Serves as a directory of depreciation areas
Assigns the characteristics to individual depreciation areas
One-to-one relationship with Depreciation Areas
Each Company Code identified in Asset Accounting must be
assigned to a single Chart of Depreciation Company Code assignment to a Chart of Accounts and Chart of
Depreciation are not related
Charts of
Depreciation
16
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[Asset Class
Definition
Individual assets are grouped according to the requirements of
your company
Example:
Buildings, Machines, Furniture & Fixtures, …
Asset Classes drive GL Account Assignments
Asset Class templates can be used when setting up new Asset
Master Records
Controls screen layouts, information tabs and required information
characteristics, default useful lives
Asset
Class
17
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[Asset Class (cont.)
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[• Screen Layouts controlled by settings in Asset Class
Asset Master Record — Layout Example
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[ Depreciation Areas
Definition
Used to calculate and track separate valuations by asset
according to different accounting rules
Up to 99 different valuations possible
Depreciation Areas can be grouped according to different
account rule requirements
Linked to a Company Code through a Charts of Depreciation
Depreciation Areas can be Calculated or Derived
Depreciation Areas can but are not required to post to theGeneral Ledger
Depreciation Area 01 must post to the Leading Ledger
(01)
IFRS
20
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[Depreciation Area (cont.)
21
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[Drill-Down Depreciation Area 01 — Example
22
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[Depreciation Keys
Definition
Depreciation keys control the automatic calculation of differentdepreciation types and resulting values
Examples of types of depreciation
Ordinary Depreciation (Normal wear and tear)
Special Depreciation (Tax related)
Unplanned Depreciation (Unexpected wear and tear)
Examples of valuation methods
Base method
Declining-bal. method
Maximum amount method Depreciation Keys are recorded in each Depreciation Area and
linked to each Asset Master Record An Asset Master will have a Depreciation Key for each
Depreciation Area that must track a valuation
Deprec.
Keys
23
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[
24
What We’ll Cover …
Meeting the Convergence & IFRS Requirements
An Overview of SAP Asset Accounting Planning for your Conversion Project
Wrap-up
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Real Experience. Real Advantage.
[ Planning for IFRS Conversion
Get assistance to understand the impacts that IFRS will have on
you, what elections are open to you, and what is
recommended for your circumstances
IFRS will impact more than just the Asset Accountants, it is
important to develop an integrated IFRS strategy
25
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[ Planning for IFRS Conversion (cont.)
26
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[ Planning for IFRS Conversion (cont.)
Build IFRS requirements into your Asset Accounting solution
Understand asset componentization impacts at your company How will you define a component?
How many and what assets will be impacted?
Configuration
Componentization of Assets is handled by using asset andsub-asset records in standard SAP
A sub-asset has its own independent asset master record, but
is linked to the main asset by common numbering (each sub-
asset has a separate 4 digit extension) Nomenclature for sub-asset numbering should be developed
for tracking component types and year of acquisition
27
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[ IAS 16 Componentization of PP&E
Component Total Yrs Dep./yr 1 - 10 11 - 20 21 - 30
Engines $100M 20 $ 5M $50M $50M
Avionics $40M 10 $ 4M $40M
Fuselage $60M 30 $ 2M $20M $20M $20M
Interior $70M 14 $ 5M $50M $20M
Total $270M $16M $160M $90M $20
Airplane Total Yrs Dep./yr 1 - 10 11 - 20 21 - 30
Boeing 787 $270M 30 $9M $90M $90M $90M
US GAAP – The value of an airplane is based on the total cost of the airplane with
little or no componentization. Generally, depreciation approach follows the straight
line method.
IFRS – The value of an airplane is determined based on the components that
comprise the airplane. In this case, the Engine, Avionics, Fuselage and Interior.
Proposed Componentization Process
1. Identify the current level of componentization
2. Determine the level needed for componentization
3. Set up new categories in the Fixed Asset Register
Standard 1 - 10 11 - 20 21 - 30 Total
US GAAP $90M $90M $90M $270M
IFRS $160M $90M $20M $270M
Timing Diff.* <$70M> - $70M 0
US GAAP vs. IFRS - The difference in the depreciation between US GAAP and IFRS
impacts the bottom line.
ILLUSTRATIVE
* Temporary Difference
28
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[ Planning for IFRS Conversion
29
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[ Planning for IFRS Conversion (cont.)
30
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[ Planning for IFRS Conversion (cont.)
Build IFRS requirements into your Asset Accounting solution
Configuration (cont.)
Customized transaction types for IFRS impairments and reversals
See comments related to a new Depreciation area
Existing transaction types will need to be reviewed to enable/disable
impacts in the new Depreciation Area
New transaction types may be required Remember increased requirements for disclosures under IFRS
Link to data conversion strategies
Other configuration and master data can also be impacted
Chart of Account detail
Project Systems WBS’s need to provide the right splits for correctcapitalization
31
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[ Planning for IFRS Conversion (cont.)
Build IFRS requirements into your Asset Accounting solution
(cont.) Process
Identify what processes will be different for IFRS and make sure they
are built into your requirements now
Capitalization policy
There may still be differences between Local Country IFRS and US IFRS Global Accounting Policy may be more concerned with local reporting that it has
been in the past
Disclosures
IFRS requires greater detail in Asset Disclosures, don’t forget these
requirements in your design
New reports required? New transaction types?
32
[
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[ Planning for IFRS Conversion (cont.)
Build IFRS requirements into your Asset Accounting solution
(cont.)
People
Training will be required to educate US employees on IFRS as well
as process design changes required to meet IFRS requirements
There may still be differences between Local Country IFRS and USIFRS
Global Accounting Policy may be more concerned with local reporting
than it has been in the past
People will have to understand the differences and how they will be
reported
33
[
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[ Planning for IFRS Conversion (cont.)
Build IFRS requirements into your Asset Accounting solution
(cont.)
Data Conversion
Componentization – considerations?
What level of detail is a component?
How will data be disaggregated?
When will the data be converted?
Fair Value elections and posting changes to asset values?
Work to have a single data conversion for assets
Componentize the assets now if you can
It will save effort later
34
[
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[ Planning for IFRS Conversion (cont.)
Build IFRS requirements into your Asset Accounting solution
(cont.)
Test
Make sure integrated tests ensure that other processes or
configurations are not inadvertently impacted by IFRS configurations
(for example other depreciation areas) in Asset Accounting Include integrated testing scenarios if you will have changes to your
leading ledger while converting to IFRS
Ensure all disclosure requirements can be met with your design
today
Ongoing
Monitor the environment for further changes in SEC and/or IFRS
requirements
35
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[ Specific Comments If You Already Have Implemented SAPAsset Accounting
Develop an integrated plan for implementing IFRS and plan the
timeline for implementation of these changes
Do not wait too long
Skilled resources may become scarce
Make sure you understand the options, elections, and impacts
Identify the changes that will be required to convert to IFRS in
your SAP Landscape
Some of these may impact other areas (example: PS WBS
element configuration), GL COA, Leading Ledgers
Do not forget disclosure differences in your IFRS requirement
gathering
36
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[ Specific Comments If You Already Have Implemented SAPAsset Accounting (cont.)
Configuration
Integrate design and changes with the planned approach for
parallel accounting
Review the process for adding a new Depreciation Area
It is possible to add a new depreciation area after going live with
SAP, but it is not recommended Identify the steps and test them completely in your environment
37
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[ Specific Comments If You Already Have Implemented SAPAsset Accounting (cont.)
Data Conversion
There is no simple way to create asset components in SAP from
existing Asset Master records
Understand the strategy and test the effort required to
componentize your assets
Make sure you don’t adversely impact other depreciation areaswith any configuration changes that you plan to make
38
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[
39
What We’ll Cover …
Meeting the Convergence & IFRS Requirements
An Overview of SAP Asset Accounting
Planning for your Conversion Project
Wrap-up
[
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[ Key Learning Points
It is critical to understand the ―big picture‖ of the IFRS impacts onyour company to enable the right decisions and elections to be
made Asset Accounting is a high-impact area with requirements for
componentization, and some differing accounting treatment fromUS GAAP
SAP’s Asset Accounting module can be configured to meet IFRS
requirements – anticipate some new asset classes, GL accounts,transaction types, depreciation areas, and other changes
Depreciation Area 01 must post to the Leading Ledger and mayrequire an SAP SLO project to change (if your Leading Ledgerchanges Accounting Principles)
IFRS requires significantly more disclosures to support thefinancial statements. Make sure you understand your disclosurerequirements, the information may be hard to find later.
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[
41
Best Practices
Things to do Next Week
Review you Asset Accounting Records
Check on amount of componentization in place
Check on Lease Accounting
How many operating leases
[
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[ Resources –
Ernst and Young IFRS Resources
www.ey.com/ifrs
Industry-Specific updates for IFRS
Links to the SEC IFRS Web pages
Monthly IFRS status update newsletters
Technical Accounting
Thought Leadership
SAP IFRS Resources
www.sdn.sap.com/irj/bpx/ifrs
www.sdn.sap.com/irj/bpx/ifrs?rid=/webcontent/uuid/10ca1d5c-0818-2c10-aca7-dae9fa23a363
SAP and Ernst & Young Webcasts IFRS White Papers from SAP
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[
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