In the face of major accounting change, Singapore’s M1 deploys Aptitude Software solution to deliver IFRS 15 compliance well ahead of this year’s deadline
The last few years have seen the four major IFRS/FASB accounting change requirements hit enterprises in every sector and region. For M1 Limited, a dynamic and vibrant communications provider in Singapore, the new IFRS 15 revenue recognition standard was a complicated project that could not be put off.
“As a leading communications provider in Singapore, it’s important that our financial accounting system meets the IFRS 15 standard. With the large volume of transactions that we handle in our business, it is essential to have a technology solution to manage the complexity of recognizing and measuring revenue transactions,” said Alan Goh, chief information officer, M1.
So, when considering a software solution, they looked for someone who could not only help them achieve compliance but do so in a way that minimized disruptions to core systems & operations and supported a fast financial close process. They also wanted the solution to be implemented in time to allow them to run the new system in parallel with their legacy system to ensure a smooth transition.
After evaluating multiple options, M1 selected the Aptitude Software Revenue Recognition Engine (ARRE), a built-for-purpose solution that encapsulates Aptitude’s finance, accounting and software expertise. ARRE has been selected by some of the largest global organizations and is currently generating the accounting for over 500 million end telecommunications subscribers. The selection of implementation consultant, Accenture, alongside the Aptitude solution gave M1 further confidence and peace of mind.
“Our partnership with Accenture both during the selection process and throughout the project allowed us to provide the client with a best in class solution delivered by a best in class implementation partner. We enjoyed working with them at every step.”
Nick Thomas, Director of Partnerships, Aptitude Software.
Aptitude Software’s specialist financial applications include solutions for all major accounting change requirements (IFRS 17, lease accounting ASC 842/IFRS 16, revenue recognition ASC 606/IFRS 15, and financial instruments IFRS 9).
The company is arguably the leader in delivering IFRS change and provides its customers with The Aptitude Revenue Recognition Engine and Aptitude Revstream solutions have been implemented by many of the world’s leading enterprises in all industry verticals sectors to reduce the risk and cost of achieving compliance while improving CFO’s capabilities to drive better business outcomes with detailed data & insights.
The M1 project bolsters Aptitude Software’s presence in Asia, where our customers now include leading banks, insurance companies and telecoms operators. For more information on Aptitude Software solutions or local events please email firstname.lastname@example.org.