A “leases” training program for a leading provider of Managed IT and Advisory Services in Dubai – Tecom Investments – was carried out to build a detailed understanding of the requirements of international accounting and financial reporting standards (IFRS) in the areas of leases, related elements of accounting and revenue recognition.
A bunch of my colleagues and I attended this. Lynchpin provides us with excellent material and a very good instructor. This course is highly recommended to anyone who can avail this opportunity.
Head of Marketing and Business Development, eHosting DataFort
eHosting DataFort is a leading provider of Managed IT and Advisory Services and a fully owned subsidiary of TECOM Investments (member of Dubai Holding).
Their services portfolio includes Managed Hosting Services, Disaster Recovery & Business Continuity, Data Centre Design, Consulting, Audits (as per TIA Standards), Information Security Consulting and Remote Managed IT Services.
Their customers are leading organizations such as Dubai e-Government, Ministry of Public Works and the world’s largest steel company, Arcelor Mittal.
Client’s Requirements & Expectations
eHosting, though directed by experts, wanted to resolve several issues surrounding the design, calculation, recording and presentation of their lease agreements. There were a number of aspects, which were cumulating the complications:
- The company had recently adopted their accounting policies in line with International Financial Reporting Standards (IFRS).
- The company offers a number of different service packages. Some of them include trading of hardware and software along with services; this enhances the complexity of reporting for different customers.
- The company’s current auditors had an objection about their current accounting treatments related to revenue recognition and various aspects of lease accounting.
- Staff needed a thorough understanding of the differences in accounting of operating and finance leases, specially in the area of rental income related with operating lease.
- Staff wanted to understand the terms of different customer contracts in relation to lease agreement.
Training Solution Provided by Lynchpin
eHosting, contacted us with their requirements and, comprehending the importance of the training program, a devoted team was allocated to study and design the training program addressing all the needs of eHosting Datafort. eHosting is a business focused on quality, so they found Lynchpin the right choice.
Lynchpin designed a one-day premier with delegates from different departments of the organization, in order to address all the problematic financial reporting areas. This training was conducted at Lynchpin’s dedicated suite. The delegates wanted this training to be more of a discussion type. The trainer considered all the questions they had and with healthy discussion and arguments on choice of accounting treatments, eHosting’s delegates were trained to handle every possible difficulty in recording and presenting information in accordance with the IFRS.