Tips and Techniques to Manage Asset Accounting Activities to Stay in Compliance with IFRS. Eric Barlow Managing Partner Serio Consulting
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2 Tips and Techniques to Manage Asset Accounting Activities to Stay in Compliance with IFRS Eric Barlow Managing Partner Serio Consulting
3 In This Session Asset Accounting (FI-AA) is one of the areas most impacted by IFRS The SAP solution of many US-based companies is ill prepared to accommodate IFRS Let s go beyond the theory of IFRS and discuss tangible solutions in SAP How does configuration need to change to accommodate IFRS? How do business processes need to change to accommodate IFRS? Does SAP provide new solutions for IFRS? Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #3
4 What We ll Cover General Ledger design impacts on IFRS solution in Asset Accounting Changes to Asset Accounting configuration for IFRS IFRS requirements impacts Asset Accounting process impacts Wrap-up Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #4
5 General Ledger Design Impacts on IFRS Solution in FI-AA Parallel Accounting is the biggest challenge to a successful implementation of IFRS for most US-based customers SAP solutions designed exclusively for US GAAP and US Tax are not configured to accommodate the multiple standards required by IFRS The Asset Accounting (FI-AA) solution is dictated by the General Ledger design Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #5
6 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) There are many ways in SAP to manage the multiple scenarios (US GAAP, Local GAAP, IFRS) that are required by adoption of IFRS There is a parallel accounting solution for every customer but the best solution will vary depending on time, budget, requirements, and existing SAP Solution The GL design is the first and most important step to successful implementation of IFRS as it establishes how parallel accounting will be managed Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #6
7 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) Pre SAP ERP (SAP R/3 4.7 and earlier) With no upgrade to SAP ERP 6.0 Account Solution Parallel Company Codes Special Purpose Ledger Upgrade to SAP ERP 6.0 Migrate to SAP General Ledger Account Solution Special Purpose Ledger Parallel Ledger Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #7
8 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) SAP ERP with SAP General Ledger Account Solution Special Purpose Ledger Parallel Ledger SAP ERP with classic General Ledger Account Solution Special Purpose Ledger Migrate to SAP General Ledger Account Solution Special Purpose Ledger Parallel Ledger Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #8
9 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) What is an Account solution? Uses single ledger for all postings Could be the Leading Ledger for SAP General Ledger Accounts are grouped according to legal reporting requirements Example to Operational Chart to IFRS to Local GAAP Pure IFRS Accounts Each group of accounts must be in balance Requires extra care to ensure correct account determination And the establishment of a coding handbook Common Accounts Pure Local GAAP Accounts IFRS Financial Statements report using common accounts and pure IFRS accounts together Red oval in diagram Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #9
10 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) Account solution is recommended where: Relatively few valuation differences exist between IFRS and local GAAP No issue with an increased number of GL accounts Standard reporting is used Different fiscal years not required Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #10
11 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) What is a Parallel Company Code solution? FI-AA can post from additional valuation areas into additional company codes (supports depreciation posting and gain/loss from sale of assets) FI-AA is not activated in additional company codes Valuation adjustments via valuation area 01 posts online and is always carried in the GL of the main company code This approach is supported only for FI-AA, FI, and manual postings Involves high volume of manual postings SAP not planning any enhancements in this area Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #11
12 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) Parallel Company Codes is recommended where: Increased number of GL accounts is an issue Valuation differences only result from FI-AA, FI, or manual postings Standard reporting is used Larger number of company codes is not problematic Various company codes do not need different GL account names Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #12
13 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) What is a Parallel Ledger solution? Provides IFRS and local accounting standard reporting from multi-ledgers Can be configured to meet both reporting requirements from the first go-live date Utilizes the best features of the SAP General Ledger Document splitting Segment reporting Etc. Recommended option for complex installations Large differences between IFRS reporting standards and the current legal reporting standard Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #13
14 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) What is a Parallel Ledger solution? Feeds properly formatted IFRS data directly into the reporting and analytics layer Simplifies reporting and requires little manual adjustment after consolidations Implementation from the beginning of fiscal year Matches IFRS timeline Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #14
15 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) Parallel Ledger configuration is recommended where: Segment reporting is required Increasing the number of SAP General Ledger accounts is not desirable Complete set of separate legal reporting books is preferred Different fiscal year is needed for different legal sets of books Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #15
16 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) What is a Special Purpose Ledger solution? Additional Special Ledgers (SL) are set up to maintain a parallel set of ledgers for each accounting principle Automatic valuation methods can create entries into either ledger as appropriate Accounting principle controls posting destination ledgers Data transfer from Main Ledger to Special Ledgers through Integration Manager and data selection rules Postings to Special Ledgers from FI, FI-AA, CFM, MM, SD, and CO Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #16
17 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) Special Purpose Ledger is recommended where: Large number of GL accounts not desirable Complete set of separate books for each accounting principle is preferred Different fiscal year is needed Access to FI data from SL reports is not needed Large number of valuation differences exist Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #17
18 General Ledger Design Impacts on IFRS Solution in FI-AA (cont.) Account-Based Approach Comments SAP R/3 SAP ERP Recommended? Parallel Company Codes Parallel Ledger Special Ledger Easiest to implement Can lead to unmanageable COA in SAP General Ledger No additional functionality planned by SAP Not a recommended solution for most companies Most transparent approach Independent set of books Future IFRS requirements more easily accommodated No additional functionality planned by SAP Not a recommended solution for most companies X X Yes X X No X Yes X X No
19 What We ll Cover General Ledger design impacts on IFRS solution in Asset Accounting Changes to Asset Accounting configuration for IFRS IFRS requirements impacts Asset Accounting process impacts Wrap-up Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #19
20 Changes to Asset Accounting Configuration for IFRS Asset Accounting requires parallel valuations to be tracked for each asset in order to produce financial statements in US GAAP and IFRS Each valuation (depreciation area) must: Track cost and depreciation separate from the other valuations Be capable of using different useful lives and depreciation terms Be posted to the GL in order to produce financial statements by valuation Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #20
21 Changes to Asset Accounting Configuration for IFRS (cont.) Most US-based FI-AA solutions manage a single valuation (US GAAP) Managing and integrating multiple valuations from Asset Accounting into the GL is the first challenge to implementing IFRS in Asset Accounting! Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #21
22 Changes to Asset Accounting Configuration for IFRS (cont.) Current Solution FI-AA Area 01 US GAAP Area 10 ACRS/MACRS GL US GAAP Accounts in Local Currency Area 11 AMT Area 31 US GAAP Parallel US GAAP Accounts in Parallel Currency Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #22
23 Changes to Asset Accounting Configuration for IFRS (cont.) Example: Account Solution FI-AA Area 01 US GAAP Area 02 IFRS Area 10 ACRS/MACRS Area 11 AMT Area 31 US GAAP Parallel Area 33 IFRS Parallel GL US GAAP Accounts in Local Currency IFRS Accounts in Local Currency US GAAP Accounts in Parallel Currency IFRS Accounts in Parallel Currency Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #23
24 IFRS Solution for FI-AA Using an Account Solution Add new Depreciation Area(s) for IFRS Configure new area(s) to update the Alternative Accounts Add new accounts to the COA to receive the parallel valuation postings Adjust month-end processes to incorporate periodic processing from Asset Accounting Adjust GL and Asset Accounting reporting processes to incorporate new accounts and depreciation areas Adjust RICEFs to accommodate new areas and processes Build preventative measures to avoid mixing main and alternative accounts in an unbalanced posting Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #24
25 IFRS Solution for FI-AA Using a Parallel Company Solution Add new Depreciation Area(s) for IFRS Configure new area(s) to update the Parallel Company Codes Adjust month-end processes to incorporate periodic processing from Asset Accounting to additional Company Codes Adjust month-end processes to additional Company Codes Adjust General Ledger and Asset Accounting reporting processes to incorporate new Company Codes Adjust RICEFs to accommodate new Company Codes Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #25
26 IFRS Solution for FI-AA Using a Special Ledger Solution Add new Depreciation Area(s) for IFRS Add Special Purpose Ledgers (SPL) and configure them accordingly Configure new area(s) to update SPL(s) Adjust month-end processes to incorporate periodic processing from FI-AA to SPL(s) Adjust General Ledger, SPL, and FI-AA reporting processes to incorporate new SPL(s) and depreciation areas Adjust RICEFs to accommodate new areas and processes Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #26
27 IFRS Solution for FI-AA Using a Parallel Ledger Solution Add new Depreciation Area(s) for IFRS Configure new ledgers in SAP General Ledger Configure relevant area(s) to update appropriate Ledger Groups Adjust month-end processes to incorporate periodic processing from Asset Accounting Adjust General Ledger and Asset Accounting reporting processes to incorporate new ledgers and depreciation areas Adjust RICEFs to accommodate new ledgers and processes Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #27
28 What We ll Cover General Ledger design impacts on IFRS solution in Asset Accounting Changes to Asset Accounting configuration for IFRS IFRS requirements impacts Asset Accounting process impacts Wrap-up Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #28
29 IFRS Requirement Impacts IAS16/IAS36 Fixed Assets/ASC 360 Plant, Property & Equipment Componentization Subjective but significant parts need to be separated Depreciation Components depreciated separately Valuation Impairments reversible; Revaluations optional IAS17 Leases/ASC840 Leases Land and Building assets considered separately Not limited to PP&E IAS38 Intangible Assets/ASC350 Intangibles (ASC730 R&D) Revaluation permitted Development costs capitalized Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #29
30 IFRS Requirement Impacts Componentization IFRS Componentization Requirement Definition of an asset is subjective Grouping of minor assets allowed Components of an asset may be grouped if useful life and depreciable method are identical Assets are separated into components if significant cost components differ in their useful life US (ASC360-30) Componentization Asset are allowed to be grouped Asset componentization allowed but rarely used Asset componentization is prescribed for some regulated industries Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #30
31 IFRS Requirement Impacts Componentization (cont.) Impacts of Componentization on SAP Master data Asset Classes Conversion Changing from current assets to componentized assets Transactions Asset creation and capitalization processes must be reviewed Identify impact on follow-on assets processes Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #31
32 IFRS Requirement Impacts Depreciation IFRS Depreciation Requirement Asset retirement requires Income Statement gain or loss Idle assets must continue to depreciate Asset components are depreciated separately Estimation of useful life is subjective based on similar assets US (ASC360-35) Depreciation Ordinary gain or loss on retirement is deferred to balance sheet accumulated depreciation for grouped assets Income Statement gain or loss only on extraordinary asset retirement Grouping of assets for depreciation is allowed Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #32
33 IFRS Requirement Impacts Depreciation (cont.) Impacts of Depreciation Differences on SAP Design Is reallocation of depreciation reserves required to support componentization? Master data Do current depreciation keys support componentization? Do current default depreciation keys and lives support componentization? Transactions Impacts on depreciation forecast or retirement process? Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #33
34 IFRS Requirement Impacts Valuation IFRS (IAS36) Impairment The objective is to ensure assets are carried at no more than their recoverable amount Assets of Revenue Generating Units must test that all assets do not have a carrying value which exceeds the recoverable value If so, assets are adjusted to the higher of fair value less selling costs or the value in use US (ASC360-35) Impairments Done by asset group Two-step test 1. Carrying value exceeds recoverable value, and 2. Carrying value exceeds fair value Review based on changes in circumstance Loss reversal prohibited Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #34
35 IFRS Requirement Impacts Valuation (cont.) IFRS (IAS16) Revaluation Optional For entire class of assets Fair value less impairment and accumulated depreciation US (ASC360-40) Revaluation Revaluation is not permitted PP&E valued at historical cost Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #35
36 IFRS Requirement Impacts Leased Assets IFRS (IAS17) Leases Scope not limited to PP&E Land and building are considered separately unless land is immaterial Finance (capital) lease if: Lease term comprises substantial portion of asset life Present value of lease payment covers substantially all of asset s fair value Sale leaseback gain/loss Amortized over lease term if finance Recognized immediately if operating Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #36
37 IFRS Requirement Impacts Leased Assets (cont.) US (ASC840) Leases Land is considered separately if 25% or greater of lease fair value Capital lease if: Lease term is greater than 75% of asset life Present value of lease payment is greater than 90% of asset fair value Two tests for lessor sale-type lease Collection is reasonably expected Un-reimbursable costs are certain Then, replace asset with receivable if capital Sale leaseback gain/loss Recognize now if seller relinquishes Amortize over term if seller controls Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #37
38 IFRS Requirement Impacts Leased Assets (cont.) Master Data Transactions Check asset classes to ensure all required lease asset types are covered Amend screen layouts to include leasing data fields if needed Review capitalization processes to ensure proper compliance of leasing requirements Review depreciation postings for leased assets to ensure proper accounting treatment Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #38
39 IFRS Requirement Impacts Intangible Assets IAS38 Applies to Intangible Assets that have three critical attributes: Identifiable Control (power to obtain benefits from the asset) Future economic benefits (such as revenues or reduced future costs) Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #39
40 IFRS Requirement Impacts Intangible Assets (cont.) IAS38 Does not apply to: Financial assets Exploration and evaluation assets (extractive industries) Expenditure on the development and extraction of minerals, oil, natural gas, and similar resources Intangible assets arising from insurance contracts issued by insurance companies Intangible assets covered by another IFRS, such as intangibles held for sale, deferred tax assets, lease assets, assets arising from employee benefits, and goodwill Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #40
41 IFRS Requirement Impacts Intangible Assets (cont.) IAS38 Intangible Assets Development costs are capitalized if asset is Technically feasible Intended for completion, or Saleable in the future Revaluation allowed Impairment adjustments Loss reversal is allowed Include indefinite life assets At least annually Use fixed asset methods Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #41
42 IFRS Requirement Impacts Intangible Assets (cont.) US (ASC350, ASC730) Intangible Assets Development costs expensed as incurred except capitalize Software for external use, after technical feasibility Software for internal use, only during development stage Revaluation not allowed Impairment adjustments Reversal of loss prohibited Include indefinite life assets When conditions change Use PP&E methods Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #42
43 IAS38 Impacts on SAP Intangible Assets Continued Master Data Transactions Check asset classes to ensure all intangible asset types have an appropriate class Review capitalization processes to ensure intangible costs are captured and capitalized correctly Review depreciation postings for intangible assets to ensure proper accounting treatment Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #43
44 What We ll Cover General Ledger design impacts on IFRS solution in Asset Accounting Changes to Asset Accounting configuration for IFRS IFRS requirements impacts Asset Accounting process impacts Wrap-up Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #44
45 Asset Accounting Process Impacts Daily Processes Procurement and Capitalization processes must be reviewed in order to ensure compliance with IFRS Accounting methods across standards must be reviewed so that the proper downstream accounting solution (account-based, SPL, additional ledger) is considered Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #45
46 Asset Accounting Process Impacts (cont.) Monthly Processes Periodic Posting of AA balances to the General Ledger must be included in the month end (not previously needed when one standard was used) Incorporate new monthly postings related to impairments, revaluations, leases, etc. Add month-end close steps for additional ledgers or company codes Update month-end reporting solution to include additional ledgers, company codes, or accounts Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #46
47 Asset Accounting Process Impacts (cont.) Year-End Processes Update year-end processes to include additional ledgers, company codes or accounts. Examples are: Roll Fiscal Year Balances Close Fiscal Year Include the same in year-end reports Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #47
48 What We ll Cover General Ledger design impacts on IFRS solution in Asset Accounting Changes to Asset Accounting configuration for IFRS IFRS requirements impacts Asset Accounting process impacts Wrap-up Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #48
49 Resources Paper describing IAS17 and its impact on Leases 1E4E4E74D7FE/0/IAS16.pdf Paper describing IAS16 and its impact on PP&E A0E4E61FB828/0/IAS36.pdf Paper describing IAS36 and its impact on Impairments Paper describing IAS38 and its impact on Intangible Assets Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #49
50 7 Key Points to Take Home IFRS rule changes are well documented but little time has been spent focused on the How To s of implementing IFRS in SAP SAP solutions designed for US GAAP and US Tax must change to accommodate multiple standards (e.g., US GAAP, US Tax, and IFRS) General Ledger design is the first critical design choice to a successful implementation of IFRS The General Ledger design is very flexible but can be constrained by the SAP release in use Asset Accounting solution must change to follow the General Ledger solution Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #50
51 7 Key Points to Take Home (cont.) Asset Accounting design and processes must change to accommodate IFRS IFRS impacts in Asset Accounting are primarily: Componentization Leases Impairments Depreciation Intangibles Source: Eric Barlow, Fixed Assets and IFRS Compliance in SAP, slide #51
52 Thank you for your attention Eric Barlow Managing Partner Serio Consulting LLC 227 Sandy Springs Place Suite D238 Atlanta, GA T F E Eric.Barlow@SerioConsulting.com The preeminent world-wide service provider of the SAP Capital Management solution Any further questions?
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