Hotel Grande Bretagne, Athens, 8-9 June
Workshop 2 – Changing business models
2015 Global Communications GAAP Summit
Welcome and introduction
Global Communications GAAP Summit
2June 2015
PwC
Megatrends shaping the communications landscape
1 2 3 4 5Shift in economicpower
• Growth beyondBRICS
• New geographicinvestments. M&A
Urbanisation
• Increase inurbanpopulation
• Rise of smartcities
• Infrastructuredeployment
Climate changeand resourcescarcity
• Energy efficiency
• CorporateResponsibility
Changingdemographics
• Population growth
• Aging population
• Changing consumerbehaviours
Technologyadvancements
• Technology drivenby innovation,increased R&D, etc.
• Digital strategy
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6Increasedregulations
• Net neutrality
• IFRS 15
• Leasing
Inc
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Global Communications GAAP Summit
3June 2015
PwC
Megatrends are driving strategic industry initiatives
5. Telcos commit to upgradetechnologies
4. Bolstering customer experience
1. Organic expansion of products and services
Expandingservices
andpartnerships
Increasing focuson R&D andinnovation
Convergencethrough
M&As
TV and content
Improving customerexperience
Driving technologychanges
Focus on R&D - venturessupporting start-ups acrossmobility, cloud, security and socialmedia bolster. Laser focus onmeeting the demand driven pull forspecific products & services.
6. Innovation, alliances andpartnering for the next stage ofgrowth
Telcos commit to boosting 4G andshifting to 5G; and Evolvingtechnologies. Best network’s still astated strategic ambition.
New store designs, partnerships with CRM players, supportfor broader technologies like NFC, move to analytics,improved service management, etc. provide better customerexperience
Rise of information and mobility are driving Telcosto expand their portfolios.
Cutting costs and drivingsynergies remain core focus areasof Telcos globally. OTTdisruptions, competition fromcable companies, new geographicfocus, etc. are the key drivers
2. Competitive forces helpdrive M&A
Strategic partnerships for contentand content delivery provides newrevenue streams and futureopportunities to monetise assets
3. As voice revenues decline,focus on other content
Global Communications GAAP Summit
4June 2015
PwC
Strategy:Churn reduction
Consolidation to achieve convergence continues…
BT’s launch of BT sportand acquisition of Premier
League rights has beensuccessful in reversing
fixed churn – BT is also re-entering the mobile space
Vodafone has beenacquiring assets in a
number of countries toacquire capabilities to
offer quad-play
Telefonica respondedquickly to market
disruptors with a strongquad-play offering,
protecting market shareand reducing churn
Deutsche Telekom havecombined LTE and fixedline network capabilitieswith a hybrid router to
differentiate themselves
Strategy:Subscriber growth/
churn reduction
Strategy:Subscriber growth/churn defence andcustomer reclaim
Strategy:Exclusivity
2015
TV+Net+Voz+Móvel(Available in Portugal)
€51.80/m(24 month contract)
TV + Infinity 1 + Calls(Available in the UK)
£30/m(12 month contract)
Magenta One(Available in Germany)
€64.85/m(24 month contract)
Fusión TV Contigo(Available in Spain)
€ 47/m(12 month contract)
Global Communications GAAP Summit
5June 2015
PwC
…along with other key changes to business models
• Megatrends creating opportunities forgrowth
◦ The Internet of Things (IoT)
◦ Growth through internal researchand development or externalalliances to support and developdigital strategies
• Increased regulation - leases
Global Communications GAAP Summit
6June 2015
PwC
Which of the megatrends do you see having the biggest impact onyour business?
1. Globalisation
2. Urbanisation
3. Climate change
4. Changing demographics
5. Technological advances
6. Increased regulations
Global Communications GAAP Summit
7June 2015
PwC
Global Communications GAAP Summit
8June 2015
PwC
Internet of Things/Machine to Machine
Growth through internal research and development
Growth through alliances
Increased regulation – leases
Does your company have a stated Internet of Things (IoT)/ Machineto Machine (M2M) strategy?
1. Yes
2. No
3. I don’t know
Global Communications GAAP Summit
9June 2015
PwC
George bought a ‘connected’ car from Carco. The car has state of the art featuresincluding an embedded BetaCom SIM that allows him to stream music and videoto his children’s tablet computers as well as make phone calls.
George also uses his service from BetaCom to send data to his insurer (e.g. speedand distance travelled) to lower his insurance premiums. Carco also usesBetaCom’s new engine telemetry software under licence, which analyses engineperformance data sent wirelessly from the vehicle.
What types of revenue can you identify?
• Services
• Devices
• Hosting
• Software Licensing
Global Communications GAAP Summit
10June 2015
PwC
Proposed solution
Services, devices and software licensing
• This example assumes BetaCom earns revenue from both CarCo and George
• George will pay his monthly fee for service
• BetaCom will earn a licence fee for the software and a service fee from CarCo
Global Communications GAAP Summit
11June 2015
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Panos had heart surgery recently. He’s been fitted with a remote heart rate monitorthat sends information back to the hospital.He called the 24 hour health service information line for support. The healthprofessionals had access to Panos’ health records and heart rate data.BetaCom provides the hospital with connectivity and runs the platform that storesand analyses the heart rate data. It also provides the 24 hour information line, whichis a toll free number.
What types of revenue can you identify?
1. Services
2. Data analysis
3. Hosting
4. Premium rate service
5. Call centre operation
6. Other
Global Communications GAAP Summit
12June 2015
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Proposed solution
Services, hosting, and premium rate service.
• In this example the hospital is BetaCom’s customer
• BetaCom earns service fee for the mobile connection, the freephone line andhosting
• BetaCom also earns a monthly fee for the hosting and storage of the patient datareceived from the monitor
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13June 2015
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Have you identified new types of revenue streams from your M2M orIoT offerings?
1. Yes
2. No
3. Don’t know
Global Communications GAAP Summit
14June 2015
PwC
Research and Development
90% of Communications CEOs stated innovation willrequire an increase in Research and Development
Global Communications GAAP Summit
15June 2015
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Research and Development (R&D) - When tocapitalise the costs?
ExpenseExpense Research phaseDevelopment
phase
Expense
Internally generatedgoodwill
Internally generatedintangible assets
Capitalise(only if strict
conditions aremet)
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16June 2015
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BetaCom has two business divisions: mHealth and mVehicle. Research anddevelopment expenditure of €200 million for the mHealth and €150 million forthe mVehicle was incurred during the year.
The expenditure cannot be allocated separately to any specific product, but can beassociated with a division.
How should BetaCom account for these costs?
1. Capitalise
2. Expense
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17June 2015
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Proposed solution
• Expense
Global Communications GAAP Summit
18June 2015
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Criteria for capitalising development cost
It is technically feasible to complete the project so that theasset will be available for use or sale.
The intention is to complete the project and use or sell theproduct.
The entity has the ability to use or sell the asset.
The project will generate future economic benefits. Theentity can demonstrate either that a market exists for the output,or the usefulness of the asset if it is to be used internally.
Adequate technical, financial and other resources are available tocomplete the development and use or sell the asset.
The entity can reliably measure the costs attributable to the assetduring its development.
ALLcriteria need
to be metbefore
capitalisationmay
commence
Global Communications GAAP Summit
19June 2015
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Scenario A: Research and Development
• BetaCom is developing a solution for monitoring and controllingoperations of infrastructures such as bridges, railway tracks and wind-farms.
• The IoT infrastructure can be used for monitoring any events orchanges in structural conditions that can compromise safety andincrease risk. It can also be utilised for scheduling repair andmaintenance activities in an efficient manner, by coordinating tasksbetween different service providers and users of these facilities.
• The development of the solution has occurred in various stages.
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June 2015PwC
Point Stage Process
1.Idea Identification of a need for/benefit of the new IoT technology.
2.
Feasibility
Commission a project to investigate the feasibility of new technology
3. Investigate other IoT technologies for such platforms available in the market
4. Feasibility analysis regarding design of new technology
5. Shortlist of three alternatives for commissioning stage and prepare costing/budget
6.Approval
Final proposal presented to the board
7. Approval of the development plan by the board
8. Development Develop and test new technology
9. Training Train staff on new technology
Initial measurement of development costs:
21
Global Communications GAAP SummitJune 2015
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Based on the information provided, when would capitalisation begin?
1. Stage 1 (Idea)2. Stage 2 (Feasibility)3. Stage 7 (Approval)4. Stage 7 (Approval) but excluding stage 9 (Training)5. Stage 8 (Development) but excluding stage 9 (Training)
Global Communications GAAP Summit
22June 2015
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Proposed solution
4. Stage 7 (Approval) but excluding stage 9 (Training)
Global Communications GAAP Summit
23June 2015
PwC
Growth through alliances
67% of communications CEO’s want to enter into jointventures, strategic alliances or informal collaborationsin order to access new customers (vs. 47% of the entiresurvey responses).
Global Communications GAAP Summit
24June 2015
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Type of structures
Yes
Consolidation inaccordance with IFRS 10
Define type of joint arrangementin accordance with IFRS 11
Account for share ofassets, liabilities,
revenues and expenses
Equity accountedinvestment (IAS 28)
Yes
Yes
Financial asset(IAS39/ IFRS 9)
No
No
NoJoint Operation Joint Venture
Controlalone?
Jointcontrol?
Significantinfluence?
Global Communications GAAP Summit
25June 2015
PwC
Scenario B: Data software start-up – an opportunisticinvestment
BetaCom
DataCo
5% Equity& 1.5%royalty
DataCo is an unlisted start-up owned by its founders. DataCo hasdeveloped innovative new software to analyse utility (gas andelectricity) usage data.
• DataCo needs communication services but does not havesufficient cash
• It agrees to issue 5% of its shares and will also pay a 1.5% salesbased royalty to BetaCom on sales of the data analytics service
• On this basis, BetaCom agrees to sell DataCo a five-yearconnectivity service
DataCo had recently completed a round of fundraising, for whichan independent third-party valuation was obtained, showing thatthe technology start-up was valued at €10 million with a widevaluation range. DataCo’s results for the first year of the BetaComarrangement included sales of the analytics service of €500,000.
Connectivity
Global Communications GAAP Summit26
June 2015PwC
What is the value of the investment recorded by BetaCom?
1. €500,000
2. €400,000
3. €80,000
4. Nil
Global Communications GAAP Summit
27June 2015
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How much revenue does BetaCom recognise in the first year of thecontract?
1. €500,000
2. €407,500
3. €80,000
4. €87,500
5. €7,500
Global Communications GAAP Summit
28June 2015
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• An investment of €400,000 - based on the estimate of thefair value of its 5% economic interest at 5% of the totalbusiness valuation of €10 million implying €500,000, towhich BetaCom has then applied a 20% discount reflecting thelack of liquidity and inability to participate in DataCo’s policydecisions.
• BetaCom should recognise revenue of €87,500,comprising a €400,000 estimated value of the shares receivedspread over the 5 year contract term plus €7,500 representingthe 1.5% royalty on annual sales. This is based on:
• Recognise revenue over the life of the contract• At the fair value of the consideration received
BetaCom
DataCo
5% Equity& 1.5%royalty
Connectivity
Proposed solution:
Global Communications GAAP SummitJune 2015
PwC 29
Scenario C: Data software start-up – a strategic investment
BetaCom
DataCo
Data centre&
connectivity25% Equity
• Three years later DataCo has a proven solution
• BetaCom agrees to receive 25% of the shares in DataCo inreturn for data centre services and connectivity over twoyears
• The shares give BetaCom both a 25% economic interest and25% of the voting rights, along with one of five directors onthe DataCo board
• The fair value of DataCo is estimated as €20 million.BetaCom incurs €0.5 million in legal fees, which are directlyattributable to the transaction
• In a cash deal, it is expected that the equivalent serviceswould be sold for €5 million
Global Communications GAAP SummitJune 2015
PwC 30
How should BetaCom account for its interest in DataCo?
1. An investment
2. An associate
3. A subsidiary
4. Don’t know
Global Communications GAAP SummitJune 2015
PwC 31
How much revenue should BetaCom recognise in the first year of thecontract?
1. €5m
2. €4m
3. €2.5m
4. €2m
5. Don’t know
Global Communications GAAP Summit
32June 2015
PwC
BetaCom
DataCo
Data centre&
connectivity25% Equity
Proposed solution:
• BetaCom would likely conclude thatDataCo is its associate and should beequity accounted.
• The fair value of the service delivered is€5 million in total. These are deliveredover two years, hence revenue in year1 would be €2.5 million.
Global Communications GAAP Summit33
June 2015
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BetaCom
DataCo
Data centre&
connectivity25% Equity
Scenario C continued: Data software start-up – astrategic investment
What if there are potential voting rights?
In strategic deals it is common for the parties to put in placeput or call options.
Assume BetaCom had also negotiated the right to call afurther 30% of the share capital from the other shareholdersof DataCo (that would give BetaCom a 55% shareholding). Itwould need to consider carefully whether it controls DataCofrom the date of the transaction, hence should consolidateDataCo as a subsidiary.
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NewCo
50
:50
Cash &access to
customersIP
BetaCom and TechCo agree to develop software toanalyse a range of biometric data for patientsrecovering from surgery.
• They establish a NewCo, which issues 50% of itsshare to each of them. In return, BetaComcontributes cash of €5 million. TechCocontributes an exclusive licence to prototypetechnology.
• The board of NewCo will comprise six directors.Three are appointed by BetaCom and three byTechCo. Decisions are made by majority vote.
TechCoBetaCom
Scenario D: NewCo data analytics – a collaborativeapproach
35Global Communications GAAP Summit June 2015
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What type of investment is NewCo in BetaCom’s financialstatements?
1. Subsidiary
2. Joint venture
3. Joint operation
4. Associate
5. Don’t know
Global Communications GAAP Summit
36June 2015
PwC
• A joint venture - It appears that BetaCom andTechCo jointly control the NewCo since alldecisions require unanimous consent. Assumingthis is the case, and since each party has a right tothe net assets of NewCo, BetaCom concludes that ithas an investment in a joint venture. As such, it isrequired to follow the accounting guidance in IAS28 on equity accounting.
However…
• Had the circumstances been slightly different, inthat the NewCo product could only be sold toBetaCom customers, then this would likely be ajoint operation.
Proposed solution:
37
NewCo
50
:50
Cash &access to
customersIP
TechCoBetaCom
Global Communications GAAP Summit June 2015PwC
Continuous reassessment
Reassessment oftype of joint
arrangement
No specific guidance
IFRS 11
Reassessment ofcontrol
Detailed guidance
IFRS 10
Both IFRS 10 and IFRS11 require reassessment
if facts andcircumstances changes
Global Communications GAAP Summit
38June 2015
PwC
Continuous reassessment
Decision making
Change in decision-making mechanisms,for example changefrom a substantivevoting system to an‘auto-pilot’ mechanism
External events
Events occur, even ifthey do not involve theinvestor, for examplelapse of decision-making rights byanother party
Agent / principal
Relationship betweenagent and principalchanges
Exposure to variablereturns
Investor’s exposure tovariable returnschanges
Reassessment of control is required if facts and circumstances indicatechanges to the elements of control:
Global Communications GAAP Summit
39June 2015
PwC
JointCo
51:
49
BetaCom enters into an arrangement with SelectVehicles.
• BetaCom owns 51% and SelectVehicles owns 49% ofthe structure.
• The arrangement is structured in such a way thatduring the development phase BetaCom has controlover the relevant activities and consolidates with a49% NCI.
• The arrangement determines that after thedevelopment phase, i.e. during the operational phase,SelectVehicles’ power will increase and the relevantactivities will then require unanimous consentbetween the two shareholders.
• At this point in time, the structure is classified as ajoint venture.
SelectBetaCom
Scenario E: Continuous reassessment
40Global Communications GAAP Summit June 2015PwC
How should BetaCom calculate the gain/loss on loss of control?
1. No gain/loss as there is no change in shareholding.
2. The gain/loss is calculated on the loss of control which requires theremeasurement of the retained interest (investment in joint venture) at fairvalue, even though the percentage held didn’t change.
Global Communications GAAP Summit
41June 2015
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JointCo
51:
49
• The gain/loss is calculated on the loss of controlwhich requires the remeasurement of theretained interest (investment in joint venture)at fair value, even though the percentage helddidn’t change.
SelectBetaCom
Proposed solution:
42Global Communications GAAP Summit June 2015PwC
Continuous reassessment
Step-acquisitions
Jointventure
• Equityaccounting
Control •Consolidation
Investmentin associate
• Equityaccounting
Control •Consolidation
Fair value previously held equity interest through p&l
Global Communications GAAP Summit
43June 2015
PwC
Continuous reassessment
Joint control vs significant influence
Jointventure
• Equityaccounting
Investmentin associate
• Equityaccounting
Investmentin associate
• Equityaccounting
Jointventure
• Equityaccounting
No remeasurement of retained interest
Global Communications GAAP Summit
44June 2015
PwC
Continuous reassessment
Step-acquisitions
Jointoperation
•Account forassets,liabilities,revenues andexpenses
Control •Consolidation
How to treat previously heldinterest?
Currently diversity inpractice to remeasure to fairvalue or not
Global Communications GAAP Summit
45June 2015
PwC
JointCo
51:
49
BetaCom and SelectVehicles have joint control overan arrangement which is structured through aseparate legal entity.
• BetaCom owns 51% and SelectVehicles owns49% of the equity of the entity.
• Based on facts and circumstances, thearrangement is classified as a joint operation.
• BetaCom therefore accounts for its share of theassets, liabilities, revenues and expenses of thearrangement.
• BetaCom buys out SelectVehicles and now owns100% of the shares in the arrangement andobtains control over the business.
SelectBetaCom
Scenario F: Continuous reassessment
46Global Communications GAAP Summit June 2015PwC
JointCo
BetaCom and SelectVehicles have joint control overan arrangement which is structured through aseparate legal entity.
• BetaCom owns 51% and SelectVehicles owns49% of the equity of the entity.
• Based on facts and circumstances, thearrangement is classified as a joint operation.
• BetaCom therefore accounts for its share of theassets, liabilities, revenues and expenses of thearrangement.
• BetaCom buys out SelectVehicles and now owns100% of the shares in the arrangement andobtains control over the business.
SelectBetaCom
Scenario F: Continuous reassessment
47Global Communications GAAP Summit June 2015PwC
JointCo
BetaCom and SelectVehicles have joint control overan arrangement which is structured through aseparate legal entity.
• BetaCom owns 51% and SelectVehicles owns49% of the equity of the entity.
• Based on facts and circumstances, thearrangement is classified as a joint operation.
• BetaCom therefore accounts for its share of theassets, liabilities, revenues and expenses of thearrangement.
• BetaCom buys out SelectVehicles and now owns100% of the shares in the arrangement andobtains control over the business.
SelectBetaCom
100
%
Scenario F: Continuous reassessment
48Global Communications GAAP Summit June 2015PwC
How should BetaCom treat the previously held interest in the jointarrangement upon acquiring control?
1. IFRS 3 requires remeasurement of previously held equity interests to fairvalue, therefore BetaCom should remeasure its 51% interest in thearrangement to fair value through the P&L upon gaining control.
2. The transaction involves BetaCom acquiring an additional interest in anumber of assets/liabilities in which it already had a direct interest whichdoesn’t represent an equity interest. BetaCom therefore does not remeasureits previously held interest to fair value upon gaining control.
Global Communications GAAP Summit
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JointCo
No clear guidance exists.
We observe that where the joint operation isstructured through a separate legal entity, the mostcommon practice is option 1, i.e. remeasure thepreviously held equity interest to fair value throughP&L.
SelectBetaCom
100
%
Proposed solution:
50Global Communications GAAP Summit June 2015PwC
Increased regulations - leases
Global Communications GAAP Summit
51June 2015
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Timeline
17 August2010
EDpublished
15 December2010
Comment periodclosed
January 2011Re-deliberations
began
16 May2013RED
published
13 September2013 Comment
period closed
March 2014Re-deliberations
began
February2015
Update:Definition of a
lease
New standard expected before the end of 2015
Global Communications GAAP Summit
52June 2015
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Summary of the proposed accounting
BALANCE SHEET Proposed Accounting
All leases on balance sheet a
Exemption for short term leases a
Exemption for small asset leases ($5,000) a
Lease liabilities on a discounted basis a
Initial lease asset = lease liability a
Amortisation of lease assets Typically straight-line
Lease liabilities IAS 1
Lease assets PPE or own line item
Amortisation
Interest
Interest (IAS 7)
Principal
Recognition
Presentation
Measurement
INCOME STATEMENT
Operating costs
LESSOR ACCOUNTING MOSTLY UNCHANGED
Finance costs
Operating activities / Finance activities
Finance activities
CASH FLOW STATEMENT
Global Communications GAAP Summit
53June 2015
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Definition of a lease
A lease is defined as a contract that conveys to the customer the right touse an asset for a period of time in the exchange for consideration.
A lease exists when a customer controls the right to use an identified item,which is when the customer:
Has exclusive use of the item for a period oftime; andHas exclusive use of the item for a period oftime; and11
Can decide how to use itCan decide how to use it22
Global Communications GAAP Summit
54June 2015
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Key issue: Lease vs Service
Issue going forward: Lease or service, not lease classification
It is therefore important to consider the definition of a lease and distinguish betweena service and a lease
There is no change in the accounting for services as a result of the new LeasesStandard. Service contracts are not required to be capitalised on the balance sheet
unless the service is prepaid
Global Communications GAAP Summit
55June 2015
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Key issue: Lease vs Service
The definition of and guidance focus on whether a customer controls the use of anitem
Although leases and services are often combined in a single contract, amounts relatedto services are not required to be recognised on the balance sheet
LeaseLease
Customer controls the use of an item
ServiceService
Supplier controls the use of an item
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1. Service2. Lease
BetaCom enters into a contract with PAG Electronics Stores (PAG) to use a space in thePAG Stores to sign up customers for a three-year period. The contract states the exactamount of space and that the space must be located at a site in the store that is visibleand easily accessible. PAG can change the location of the space allocated to BetaCom atany time during the contractual term, and there are minimal costs to PAG associatedwith doing so.
Is this a service or a lease?
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1. Service
Who controls the use of the item?
Conclusion
The supplier
Contract is a service
Proposed solution:
58Global Communications GAAP Summit June 2015PwC
A trading company enters into a contract for network services for two years.BetaCom installs servers at the trading company’s premises in order to supply theservices. The contract requires BetaCom to supply network services that meet aspecified quality level. To do so, BetaCom can carry out maintenance toreconfigure or replace the servers when needed. The trading company does notoperate the servers or make any other decisions about their use.
Is this a service or a lease?
1. Service
2. Lease
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1. Service
Who controls the use of the item?
Conclusion
The supplier
Contract is a service
Proposed solution:
60Global Communications GAAP Summit June 2015PwC
BetaCom enters into a contract with a distribution company for the distribution ofhandsets for a 5 year period. The distribution company is required to designate afleet of 10 BetaCom branded vehicles for BetaCom’s use for the contractual period.BetaCom decides when and where distribution will occur. The distributioncompany will be responsible for operating and maintaining the fleet.
Is this a service or a lease?
1. Service
2. Lease
3. Service and a lease
Global Communications GAAP Summit
61June 2015
PwC
1. Service and a lease
Who controls the use of the item?
Conclusion
The customer
Contract is a serviceand a lease
Proposed solution:
62Global Communications GAAP Summit June 2015PwC
Transition
An entity shall recognise and measure all outstandingcontracts within the scope of the IFRS as of the date of
initial application using a simplified retrospectiveapproach
The date of initial application is the beginning of the firstcomparative period presented in the first financial statements in
which the entity applies this IFRS
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Other issues for Telcos: Lease vs Service
Tower spaceFibre
Spectrum
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This publication has been prepared for general guidance on matters of interest only, and doesnot constitute professional advice. You should not act upon the information contained in thispublication without obtaining specific professional advice. No representation or warranty(express or implied) is given as to the accuracy or completeness of the information containedin this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, itsmembers, employees and agents do not accept or assume any liability, responsibility or duty ofcare for any consequences of you or anyone else acting, or refraining to act, in reliance on theinformation contained in this publication or for any decision based on it.
© 2015 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers toPricewaterhouseCoopers LLP which is a member firm of PricewaterhouseCoopersInternational Limited, each member firm of which is a separate legal entity.
Please make your way to the Grand Ballroom forthe next session and take your devices with you
Thank you
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