The technology, media, and telecom is an industry sector used by traders, investment bankers, investors, and other market participants. The media & telecom industry segment covers a wide range, it consists sub-sectors such as networking, hardware, Internet, semiconductors, software, mobile etc. The sector contains new and high-tech firms, due to this factor the sector experiences a large amount of acquisitions, mergers, and initial public offerings.
Technology, telecom and media is a fast, agile and leading gap for businesses to operate within.
From start-ups to well established businesses, we comprehend the dare you face, where innovation and expansion of intellectual property are the foundational drivers to success and expansion.
Unique International Financial Reporting Standards
IAS 39 Financial Instruments:
IAS 39 outlines the criteria of recognition and measurement of financial instruments such as financial assets, financial liabilities, and some contracts to buy or sell non-financial items. According to standard the initial recognition takes place when an entity becomes a party to the contractual provisions of the instrument. It is classified into different classes depending upon the nature of instrument, which then determines the subsequent measurement of the instrument. Special rules apply to embedded derivatives and hedging instruments.
IAS 18 – Revenue
IAS 18 outlines the accounting conditions for when to recognise revenue from the sale of goods/shares, rendering of services, and for interest, royalties and dividends. It defines that revenue should be measured at the fair value of the consideration received or receivable and recognized when:
I. It is probable that any future economic benefit connected with the item of revenue will flow to the entity and
II. The amount of revenue can be measured reliably.
Your unique business is built on innovation. Just like you, discovering new ways of doing things is key to the way we deliver our services. With extensive industry experience, tailored to your precise needs we will help you excel and grow.
WeAccountax well recognize the significance for our technology clients to remain competitive and on the leading edge of advance innovation and to continuously emerging new trends. Our dedicated professional accountants & tax advisors perform a full range of financial reporting, monthly bookkeeping or Xero support and taxation services for our technology clients tailored to meet their unique requirements. Our experts have detailed understanding of the accounting & tax principles relevant to newly formed and mature media & technology companies.
The major challenges in the technology sector are access to funding for sustainability and growth. Our technical accountants understand and can recommend the ideal techniques by which our technology clients can obtain tax reliefs offered through different government programs, including those outlined below. We secure out clients from penalties due to non-compliance and suggest best ways to ensure they receive maximum benefit from applicable tax reliefs.
Services for Technology Clients
Some of the precise services we provide to our technology clients include:
- Assistance with complex and changing accounting matters, particularly those in relation to the measurement of share-based compensation, treatment of financial instruments and recognition of revenues.
- Solid Financial Report Package Customized to Your Business
- Monthly Bookkeeping Services or Xero Support Services
- Vat return preparations
- Management accounts on any desired intervals
- Advice on staff incentive management and establish incentive programs, which is key to success in such an aggressive environment where human capital is the principal asset.
- Assistance and advice with the application for tax reliefs.
- Assistance with regulatory compliance effecting the industry
Our diversified technology client base is comprise of companies with a focus in the following areas: call center services, mobile social media, medical device, communications, mobile solutions, bioactive products, engineering software, IT products and services, software development, software solutions, video games, online HR training and digital animation.
We can help you with customized advice designed to help your company to stand out and achieving your financial and business goals. Contact to one of our industry expert to explore how we can help you.