Client : One of the largest law firms in the Middle East
Service Offered : IFRS impact assessment and implementation
Sector / Industry : Legal service-providers
Objective
The client had resources who were adept with the basic knowledge on the accounting standards; however they were not updated with the latest amendments and issues that were introduced in the revised standards.
They found complexities dealing with the new accounting standards which had an impact across industries. Therefore, the auditors requested for an impact assessment report.
Solution
- Thorough study of the customer contracts
The client had various types of customer contracts when assessed on the type of revenue stream. Our team studied each type of these contracts to understand the impact of new accounting standards. - Preparation of an accounting template for revenue
recognition
Basis the client's revenue contracts and model, our on-site team prepared a revenue recognition template and assisted the client in identifying the events affecting the recognition and the amount for accounting.
Impact
Our client had a smooth transition to the new accounting standards. The client also appreciated the our solution-oriented approach while we helped them with various alternatives when faced with dilemmas.
From the initial stage, we ensured that the client's team was fully thorough with every aspect of the impact assessment and also implemented our suggestions.
The auditors were provided with detailed responses to their queries, resulting in a smooth performance.
We have since been associated with the client for impact assessments and implementation of further issued accounting standards applicable to them.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
