Regulatory Technology Advice | Deployment | Development | Optimisation
The drive by fixed and mobile telecommunication companies to embrace the digital world has helped them meet the needs of both B2B and B2C customers by offering faster, more efficient communication capabilities. Telecommunications operators are mastering the demands of technological and regulatory changes while illustrating transparency, customer innovation and bringing new services to market. A rapidly evolving telecommunications environment has led to the need for consistent revenue accounting and the introduction of new regulation by the International Accounting Standards Board (IASB).
The single greatest challenge across the telecommunications sector at present is the impact of the new IFRS 15 revenue recognition accounting standard. Many telecommunication companies struggle with period end close, access to detailed financial information and slow response times to regulatory change. Current architectures comprise multiple billing systems and highly manual opaque accounting processes which feed rigid and highly aggregated accounting solutions. As companies look to grow and add new subscribers with differentiated offerings, the old way of accounting and manually analyzing data will no longer work.
Regulatory changes like the new revenue recognition standard are prompting organisations to assess their current financial architecture and many are using this opportunity to refresh and make key changes to core finance processes.
For further information on how we can support you become IFRS 15 compliant, call +44 (0) 845 604 4262, or complete the form below