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Indicators
Task Name
Duration
Start
Finish
Predecessors
Resource Names
-Preparations of an Opening Balance Sheet at the Date of Transition to IFRS40 days?Mon 01.01.07Fri 23.02.07
-Perform Initial Planning5 days?Mon 01.01.07Fri 05.01.07
Prepare a Project Plan1 day?Mon 01.01.07Mon 01.01.07Accounting Policy Group
Assemble Team1 day?Tue 02.01.07Tue 02.01.072CFO/Controller
Assess Internal Knowledge of IFRS1 day?Wed 03.01.07Wed 03.01.073Accounting Policy Group,HR
Determine if Additional Training on IFRS is Needed1 day?Thu 04.01.07Thu 04.01.074Accounting Policy Group,HR
Kickoff Meeting1 day?Fri 05.01.07Fri 05.01.075Accounting Policy Group,Risk Management,Accounting,CFO/Controller
Initial Planning Complete0 daysFri 05.01.07Fri 05.01.076
-Determine Current "Best Practices" Relating to IFRS Reporting2 days?Mon 08.01.07Tue 09.01.07
Obtain IFRS Reporting Manuals/Guides from External Auditors/Other Sources1 day?Mon 08.01.07Mon 08.01.077Accounting Policy Group
Obtain and Review Competitor Financial Information Filed in Accordance with IFRS1 day?Mon 08.01.07Mon 08.01.077Accounting Policy Group
Meet with External Auditors to Get Perspectives on IFRS Best Practices1 day?Tue 09.01.07Tue 09.01.079,10Accounting Policy Group
Review of Current Best Practices Complete0 daysTue 09.01.07Tue 09.01.0711
-Identify IFRS Accounting Policies to be Used7 days?Wed 10.01.07Thu 18.01.07
Determine Which Accounting Policies under Previous GAAP are also Acceptable under IFRS1 day?Wed 10.01.07Wed 10.01.0712Accounting Policy Group
Determine Where Previous GAAP Accounting Policies are Not Acceptable under IFRS1 day?Wed 10.01.07Wed 10.01.0711Accounting Policy Group
Determine Which Standards Permit a Choice in Accounting Methodologies and Select Methodology1 day?Wed 10.01.07Wed 10.01.0711Accounting Policy Group
Identify Areas Where Required Retrospective Application Will Require Additional Information1 day?Thu 11.01.07Thu 11.01.0714,15,16Accounting Policy Group
Delegate Responsibilities to Various Departments for Obtaining Additional Information1 day?Fri 12.01.07Fri 12.01.0717Accounting Policy Group
Identify Accounting Areas/Topics Where the Accounting Requires Significant Judgment/Estimates1 day?Mon 15.01.07Mon 15.01.0718CFO/Controller
Meet with Internal/External Auditors to Resolve Final Accounting Treatment for These Areas1 day?Tue 16.01.07Tue 16.01.0719CFO/Controller
Prepare IFRS Accounting Policy Manual1 day?Wed 17.01.07Wed 17.01.0720Accounting Policy Group
Determination of IFRS Accounting Policies to be Used Complete1 day?Thu 18.01.07Thu 18.01.0721
-Determine Which Exemptions Listed in IFRS 1 Will Be Utilized10 days?Fri 19.01.07Thu 01.02.07
Review Past Business Combinations and Determine Whether those Occurring Prior to 1/1/2004 Will Be Restated in Accordance with IFRS 31 day?Fri 19.01.07Fri 19.01.0722Accounting Policy Group
Determine Whether Entity Will Utilize Fair Value as Deemed Cost at 1/1/2004 for Certain Assets1 day?Mon 22.01.07Mon 22.01.0724Accounting Policy Group
Determine Need to Hire an Independent Actuary for Evaluation of Employee Benefit Plans in Accordance with IAS 191 day?Tue 23.01.07Tue 23.01.0725Accounting Policy Group
Determine Treatment of Unrecognized Actuarial Gains/Losses at Date of Transition1 day?Wed 24.01.07Wed 24.01.0726Accounting Policy Group
Determine Treatment for Cumulative Translation Differences Arising from Consolidation of Subsidiaries in a Foreign Currency1 day?Thu 25.01.07Thu 25.01.0727Accounting Policy Group
Identify Compound Financial Instruments and Determine the Need to Separate the Liability and Equity Components1 day?Fri 26.01.07Fri 26.01.0728Accounting Policy Group
Determine Valuation of Assets/Liabilities Related to Subsidiaries, Associates, and Joint Ventures1 day?Mon 29.01.07Mon 29.01.0729Accounting Policy Group
Determine Desired Designation Related to Financial Instruments at Date of Transition1 day?Tue 30.01.07Tue 30.01.0730Accounting Policy Group
Determine Retrospective Accounting for Share-Based Payment Transactions Based on Date of Grant and Whether They Are Vested at Date of Transition1 day?Wed 31.01.07Wed 31.01.0731Accounting Policy Group
Determine Whether to Apply the Transitional Provisions in IFRS 4 Related to Insurance Contracts1 day?Thu 01.02.07Thu 01.02.0732Accounting Policy Group
Determination of IFRS 1 Exemptions to be Utilized Complete0 daysThu 01.02.07Thu 01.02.0733
-Determine Exceptions to Retrospective Application of other IFRSs7 days?Fri 02.02.07Mon 12.02.07
Determine Date of Transition Related to IAS 39 and IFRS 41 day?Fri 02.02.07Fri 02.02.0734Accounting Policy Group
Apply Requirements for Derecognition of Financial Assets/Liabilities Prospectively from Date of Transition to IAS 391 day?Mon 05.02.07Mon 05.02.0736Accounting Policy Group
Determine Hedging Relationships Existing Under Previous GAAP1 day?Tue 06.02.07Tue 06.02.0737Risk Management
Recognize All Derivatives on Balance Sheet at Fair Value1 day?Wed 07.02.07Wed 07.02.0738Accounting
If Hedge Accounting Is to be Applied Under IFRSs, Prepare Appropriate Documentation/Effectiveness Testing1 day?Thu 08.02.07Thu 08.02.0739Risk Management
Identify Estimates Made Under Previous GAAP that Were in Error1 day?Fri 09.02.07Fri 09.02.0740Accounting Policy Group
Determine Appropriate Accounting Related to Assets Held For Sale and Discontinued Operations1 day?Mon 12.02.07Mon 12.02.0741Accounting Policy Group
Determination of Exceptions Complete0 daysMon 12.02.07Mon 12.02.0742
-Prepare Transition Adjustments and Compile Opening IFRS Balance Sheet8 days?Tue 13.02.07Thu 22.02.07
Recognize All Assets and Liabilities Whose Recognition is Required by IFRSs1 day?Tue 13.02.07Tue 13.02.0743Accounting
Derecognize Assets or Liabilities if IFRSs Do Not Permit Recognition1 day?Wed 14.02.07Wed 14.02.0745Accounting
Reclassify Assets, Liabilities, or Equity in Accordance with IFRSs1 day?Thu 15.02.07Thu 15.02.0746Accounting
Apply IFRSs in Measuring All Recognized Assets and Liabilities1 day?Fri 16.02.07Fri 16.02.0747Accounting
Make Journal Entries Related to Transition Adjustments to Opening Retained Earnings or Other Accounts as Deemed Necessary1 day?Mon 19.02.07Mon 19.02.0748Accounting
Prepare a Reconciliation Between Equity Reported Under Previous GAAP to Equity Under IFRSs at Date of Transition1 day?Tue 20.02.07Tue 20.02.0749Accounting Policy Group,Accounting
Review Opening IFRS Balance Sheet1 day?Wed 21.02.07Wed 21.02.0750CFO/Controller
Submit to External Auditors for Validation and Verification1 day?Thu 22.02.07Thu 22.02.0751CFO/Controller
Transition Adjustments and Opening IFRS Balance Sheet COMPLETE0 daysThu 22.02.07Thu 22.02.0752
Preparation of an Opening Balance Sheet at the Date of Transition to IFRS COMPLETE1 day?Fri 23.02.07Fri 23.02.0753
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