The issuance of the FASB exposure draft on Accounting for Financial Instruments made it clear that this may remain one of the areas with the most differences between the final standards of the two boards.

In this Webcast, KPMG partners discuss the approaches taken by the IASB and the FASB respectively related to the joint project on accounting for financial instruments.

On this Webcast, KPMG professionals will provide an overview of the IASB's standard setting activities with respect to the accounting for financial instruments, including:

• Classification and measurement of financial instruments under IFRS 9
• The Board's current thinking on impairment of financial assets and hedge accounting
• Possibilities for convergence between IFRS and U.S. GAAP in accounting for financial instruments.

On this Webcast, KPMG partners provide an overview regarding the accounting for income taxes, including uncertainty in income taxes and the tax effects of share-based payments.

The discussion in the webcast covers:

• The current requirements under IAS 12 Income Taxes
• A comparison to US-GAAP
• Potential upcoming changes to IAS 12

Like all webcasts in the Accounting Change Curriculum series, KPMG partners and directors discuss significant differences between the US-GAAP and IFRS requirements in these areas and provide insights into practical considerations when considering application of IFRS. The KPMG IFRS Institute’s Accounting Change Curriculum is designed to keep companies up to date on the latest convergence developments and application of IFRS, and to contribute to the broader education on the future of global accounting standards.

This is the fourth of eleven webcasts in the series. Prior webcasts in our Curriculum series are available for replay on www.kpmgifrsinstitute.com. Participants in all eleven webcasts (live or through replay) will be awarded a certificate of completion.

KPMG partners will also discuss some of the differences between the U.S.-GAAP and IFRS requirements, and provide insights into practical considerations when adopting the new consolidation standard.

The KPMG IFRS Institute's Accounting Change Curriculum is designed to keep companies up to date on the latest convergence developments and application of IFRS, and to contribute to the broader education on the future of global accounting standards.

This is the second of 11 webcasts in the series. The first webcast, held on March 22, is available for replay on http://www.kpmginstitutes.com/events/.

As the IASB aims to meet its standard-setting goals for 2011, there has been significant activity around new IFRS standards and exposure drafts in the past few months.

KPMG partners will provide an overview of the IASB's activities, including topics such as:

• Proposed future timeline for the issuance of final standards
• Request for comment on the "Big Bang" versus sequenced adoption approach for the proposed new standards between the IASB and FASB
• Consolidation and joint arrangements standards
• Hedging proposal
• Fair value measurement
• Insurance contracts
• Revenue recognition
• Leasing

The Webcast also discusses the upcoming changes in the IASB and its future agenda-setting process.

The amendments include clarification of short-term vs. other long-term benefits, changes to the recognition and presentation of post-employment benefits, and changes in the accounting for termination benefits. KPMG partners and directors also discuss some of the differences between U.S.-GAAP and IFRS in these areas, and provide insights into practical considerations when considering application of IFRS.

The IFRS Institute's Accounting Change Curriculum is designed to keep companies up to date on the latest convergence developments and application of IFRS, and to contribute to the broader education on the future of global accounting standards.

This is the sixth of eleven webcasts in the series. Prior webcasts in our Curriculum series are available for replay on http://www.kpmginstitutes.com/ifrs-institute. Participants in all eleven webcasts (live or through replay) will be awarded a certificate of completion.

The memorandum resulted in IFRS and U.S. GAAP having the same definition and meaning of fair value and similar disclosure requirements about fair value measurements. KPMG partners and professionals will discuss the requirements, which are new for IFRS, as well as explain the remaining differences between IFRSs and U.S. GAAP.

The KPMG IFRS Institute’s Accounting Change Curriculum is designed to keep companies up to date on the latest convergence developments and application of IFRS, and to contribute to the broader education on the future of global accounting standards.

This is the eighth webcast in the series. Prior webcasts in our Curriculum series are available for replay on www.kpmgifrsinstitute.com.

Specifically, they will review how the standard is likely to impact the timing and amount of revenue recognized and the treatment of industry-specific items such as: discounts, rebates, marketing spend and other contractual obligations with customers.

Attend the replay Proposed New Guidance on Revenue Recognition Webcast.

The KPMG IFRS Institute's Accounting Change Curriculum is designed to keep companies up to date on the latest convergence developments and application of IFRS, and to contribute to the broader education on the future of global accounting standards. This is the seventh of eleven webcasts in the series. Prior webcasts in our Curriculum series are available for replay. Participants in all eleven webcasts (live or through replay) will be awarded a certificate of completion.

During this first Webcast of the accounting change curriculum, KPMG partners cover Financial Statement Presentation (IAS 1) and the Statement of Cash Flows (IAS 7).

After a discussion of current requirements and differences between IFRS and U.S. GAAP, this Webcast provides a status overview of the FASB's and IASB's financial statement presentation convergence project.

KPMG presenters also provide examples of practical implementation and ongoing presentation considerations under these new standards and discuss the potential changes if the proposals are adopted.

The KPMG IFRS Institute’s Accounting Change Curriculum is designed to keep companies up to date on the latest convergence developments and application of IFRS, and to contribute to the broader education on the future of global accounting standards. This is the fifth of eleven webcasts in the series. Prior webcasts in our Curriculum series are available for replay on www.kpmgifrsinstitute.com.  Participants in all eleven webcasts (live or through replay) will be awarded a certificate of completion.

During this Webcast, the seventh in our series dedicated to the discussion of the common differences between U.S. GAAP and IFRS, KPMG partners will discuss:

• Componentization of property, plant & equipment
• The level at which impairment testing is performed: reporting unit or asset group vs. cash-generating unit
• 1-step vs. 2-step impairment test
• Reversal of impairments

This Webcast is designed to provide a foundation and framework for a series of 10 monthly Webcasts that will focus on individual accounting and reporting topics. KPMG partners will provide insights into:

• History of the development of IFRS
• Framework and its role in IFRS
• Fundamental differences in structure and concepts of IFRS when compared to US-GAAP

The Webcasts are scheduled monthly until January 2011. Continue visiting the IFRS Institute for more information on additional Webcasts in the series and to register.

This Webcast provides participants with a better understanding of IFRS 1, a standard without any equivalent in U.S. GAAP. IFRS 1 provides the general model as well as exceptions to the model that entities apply in the first reporting period when adopting IFRS. In this Webcast, KPMG partners provide insights into:

• The first-time adoption model specified by IFRS 1
• Mandatory exceptions and voluntary exemptions from retrospective application of IFRS upon first-time adoption
• Exemptions that are likely to be particularly useful by companies converting to IFRS from U.S. GAAP

Listen to KPMG partners:

• Share our understanding of the proposals reflected in the
  exposure draft
• Highlight the remaining differences between the IASB and FASB
• Identify areas where more application guidance is needed
• Discuss the potential impact on processes and systems

This is an excellent opportunity to listen to a very relevant and timely discussion of the accounting for insurance contracts that will assist you in assessing the potential impact of the new standard on your company and provide various perspectives as you consider your comment letters on the exposure draft and discussion paper.

Topics discussed included:

• The International Accounting Standards Board (IASB) Exposure Draft on recognition and measurement of financial instruments and IASB re-deliberations
• The current deliberations of the Financial Accounting Standards Board (FASB) on financial instruments accounting
• An Outlook on Phase II and III (Impairment and Hedging) of the IASB financial instruments project

The standard, which is a result of a five-year development process with extensive consultation with SMEs worldwide, simplifies many of the principles in full IFRSs for recognition and measurement, omits topics not relevant to SMEs, and significantly reduces the number of required disclosures. It is intended to be a full set of GAAP for private companies in 230 pages.

This IFRS Institute Webcast provides an overview of the simplifications and deletions in IFRS for SMEs compared to full IFRS, and provides insight into practical implications for companies considering adopting IFRS for SMEs.

IFRS for SMEs is a separate comprehensive set of standards for non-publicly accountable entities that is the result of a five-year development process with extensive consultation with SMEs worldwide. It simplifies many of the principles in full IFRSs for recognition and measurement, omits topics not relevant to SMEs, and significantly reduces the number of required disclosures. It is intended to be a full set of accounting principles for private companies in 230 pages.

In this Webcast, KPMG and FEI partners and professionals will provide an overview of the simplifications and deletions compared to full IFRS, and will provide insight into Canadian private company GAAP, an international update, and what U.S. private companies can consider given the Blue-Ribbon Panel.

Presenters also provide examples of practical implementation and ongoing accounting considerations for both lessees and lessors under such a new standard and discuss the potential changes under IFRS if the proposal is adopted.

Conversion to IFRS is a change management effort. The success of a conversion depends heavily on how effectively a company informs, mobilizes, and educates its people on the process. During this Webcast, KPMG partners from Europe and the United States will discuss some of the issues involved, including:

• How IFRS can affect your current systems strategy
• How the impact of IFRS on technology can represent an opportunity
• How IFRS training covers far more than just the standards and the accounting personnel
• How to communicate the impact of the IFRS changes to key stakeholders—both internally and externally.

Among the specific topics covered are: 

• How IFRS conversion and finance transformation share many of the same goals and objectives
• Lessons learned from the European experience
• The impact of IFRS and finance transformation on people
• How finance transformation is a continuous journey.

For technology companies, adoption of IFRS could significantly change the method of financial reporting for research and development expenditures, particularly the requirement to capitalize certain development costs.

To help tech executives gain an early understanding of the potential ways in which conversion to IFRS may affect their accounting policies in this area, KPMG produced the Webcast "IFRS for Technology Companies: Closing the GAAP-R&D Activities and Related Intangible Assets." Topics addressed in this Webcast include what R&D expenditures should be recognized as an asset, considerations for subsequent measurement of intangibles, useful life and amortization, retirements and disposals, and first time adoption considerations.

It is also one of the accounting topics that can have a significant business impact during conversion since stock-based compensation schemes and/or performance targets might need to be amended.

Among the topics covered in this Webcast are:

• Background of the convergence in accounting for stock-based compensation
• Differences between the respective standards FAS No. 123R and IFRS 2
• Practical application matters and issues for issuers to consider

With this series of webcasts, our goal is to contribute to the education and training of preparers, users, academia, and other professionals and interested parties identified by the SEC in their February 24 policy statement as one of the key transition issues to incorporating IFRS into the financial reporting system for U.S. issuers. The webcasts on common differences are scheduled once each month until January 2011.

Whether the SEC signals its support for incorporation of IFRS in the United States, and according to what timeframe, have been topics of speculation for some time and this meeting raises the possibility that better clarity on these important issues will be provided.

To explore the implications of any statements made by the SEC during this meeting, KPMG's IFRS Institute held an audio Webcast on February 26, 2010.

During the Webcast, KPMG partners discussed:

• The SEC decisions made during the meeting;
• The impact on milestones and work plan for the potential adoption of IFRS in the United States
• What steps U.S. issuers could consider in light of the SEC announcements.

This Webcast discusses the accounting for intangible assets under IFRS (IAS 38) and provides an overview regarding the key differences between IFRS and U.S. GAAP. KPMG partners particularly elaborate on the recognition and measurement requirements for development costs in accordance with IFRS which may be a significant difference as compared to the accounting under U.S. GAAP-especially for certain industries. Presenters also illustrate key differences by providing examples of practical relevance.

In his remarks, Sir David says that the ongoing work between the IASB and the U.S. Financial Accounting Standards Board (FASB) to converge U.S. and international accounting standards will make the transition in the United States a relatively smooth one. The IASB and FASB have been converging standards in 11 key accounting areas since 2002. The work is expected to be completed by 2011.

"U.S. and international standards are going to be very close. It won't be as difficult as you might think," he said, contrasting the long-term convergence effort between the IASB and FASB with Europe's adoption of IFRS in 2005, only nine months after the standards were established.

During this Webcast, KPMG Partners provide an overview of the accounting for employee benefits under IFRS, including short-term benefits, post-employment benefits, and termination benefits.

The discussion will cover:

• The current requirements under IFRS 19 Employee Benefits
• A comparison of IFRS to US-GAAP
• The IASB's plan for targeted improvements (currently in exposure draft status)
• Practical considerations for first-time adoption and for applying the rules on an on-going basis

The webcast also includes a discussion of the proposed requirements for offsetting of financial assets and financial liabilities.

KPMG partners and directors also will discuss some of the differences between the U.S.-GAAP and IFRS requirements in these areas and provide insights into practical considerations when considering adoption of IFRS.

The KPMG IFRS Institute’s Accounting Change Curriculum is designed to keep companies up to date on the latest convergence developments and application of IFRS, and to contribute to the broader education on the future of global accounting standards.

This is the third of 11 webcasts in the series. Participants in all 11 webcasts (live or through replay) will be awarded a certificate of completion.

As the IASB approaches their original June 2011 target deadline, there has been some concern regarding the boards' ability to deliver high quality standards on their agenda by the original date. During this webcast, KPMG partners give an overview of the Boards' revised standard setting targeted timeline for their key projects and the proposed timing of projects of other IASB projects including IFRS 10, 11, 12, 13, and amendments to IAS 19.

Please note that the originally planned webcast on Consolidated Financial Statements has been postponed to May 24, 2011 to correspond with the IASB's expected issuance of the revised standard.

Topics discussed include:

• Background and reasons for the IASB project
• Status and timeline for issuing a final IASB standard
• Changes to recognition requirements for provisions
• Guidance for measuring liabilities
• Status of the FASB project
• Next steps for FASB

As part of the IFRS Institute's Accounting Change Curriculum, this webcast will feature partners Mark Bielstein, Prasadh Cadambi, David Elsbree, and Paul Munter from KPMG’s DPP. The presentation covers the joint revised Exposure Draft on Revenue Recognition released on Nov. 14, 2011.

Two Continuing Professional Education (CPE) credits will be available to U.S. participants who attend the live webcast and meet eligibility requirements.

The IASB and the FASB initiated a joint project to establish converged principles for recognizing revenue from contracts with customers. On June 24, 2010, the Boards released a new joint Exposure Draft (ED) on Revenue Recognition, which is one of the highest priority convergence projects.

During this webcast, KPMG partners will discuss current IFRS revenue recognition requirements, how this new proposed standard would affect companies' revenue recognition policies, and what this new proposed standard could mean to users of the financial statements in assessing a company's performance.

The Securities and Exchange Commission (SEC) staff recently released two reports under its IFRS work plan to consider whether IFRS might be incorporated into the financial reporting system for U.S. issuers. One report addressed the consistency in the application of IFRS among some of the largest global companies that currently apply IFRS. The second report focused on the significant differences between IFRS and U.S. GAAP.

This webcast will feature partners from KPMG's Department of Professional and Accounting Advisory Services practice. The presentation covers the staff’s analysis of how IFRS is applied globally and some of the significant differences between IFRS and U.S. GAAP.

The potential implications on the staff’s evaluation of the incorporation of IFRS into the financial reporting system by U.S. issuers will be discussed.

KPMG’s Defining Issues® No. 11-64, SEC Issues Reports on IFRS Application and Differences with U.S. GAAP, provides a summary of the staff papers.

Topics discussed include:

• Update of the IASB's project plan and scheduled timing regarding new pronouncements
• Reaffirmation of Memorandum of Understanding between the IASB and the Financial Accounting Standards Board (FASB).

However, there is also a new timeline for issuing exposure drafts on the remaining convergence subjects with the announcement to limit the number of new exposure drafts per quarter and the decision to spread out finalization of the convergence projects over six more months until the end of 2011.

This Webcast provides an overview of IASB/FASB status report on the Memorandum of Understanding (MoU) projects and the updated IASB/FASB work plan, discuss the current status of the MoU convergence projects, and elaborate on the Boards' current thinking relative to those projects that have been identified as having the highest priority. In addition, presenters discuss the potential interaction of the revised strategy of the Boards with the activities contemplated under the SEC work plan on IFRS.

KPMG professionals from various tax disciplines framed the discussion to include the following topics:

• Potential Domestic Tax Impact (including tax accounting method issues)
• Potential International Tax Impact (including earnings and profit issues)
• Potential Transfer Pricing Impact

However, even if these proposals are adopted, there will still be a number of differences between US-GAAP and IFRS. This webcast focuses on accounting for income taxes, and provides a comparison of FAS109 to IAS12, as well as a discussion of the IASB's recent Exposure Draft of a replacement for IAS12.

KPMG tax professionals framed the discussion which includes the following topics:

• Tax effects of share-based payments
• Intercompany transactions
• Investments in subsidiaries
• Uncertain Tax Positions
• Interim Financial Statements
• IASB's exposure draft