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FRS Services
CONSULTING OPERATIONS
FRS specialises in the application of IFRS at a transaction level. The speciality lies at the design and capture of
financial transactions to provide information to the entity and its stakeholders that is free from bias and compliant
with IFRS. Design reflects detailed accounting policies that are developed for each client to facilitate the practical
application of IFRS requirements. In short the objective is to marry client staff and system capability to practical
accounting policies, processes and procedures that can be implemented, maintained and sustained.
Current focus of consulting operations (past 13 years) has been on telcom opco’s network fixed assets in Africa
where some US$ 1 billion was being rolled out annually. This encompasses the issues of:
- Review of ”as is” accounting practices and policies;
- Design and implementation of detailed practical transaction based IFRS compliant accounting policies and procedures;
- Integration to ERP systems;
- Network asset investment planning;
- Network asset investment planning;
- Asset componentisation and its application to (amongst others)
- Design, development and implementation of project management and network fixed asset registers within ERP systems;
- Design, development and implementation of tools (e.g. Excel) to facilitate these functions / processes and to enhance user productivity. In one instant, a three month cycle was reduce to a three day exercise;
- Staff training on the job and through separate user focused training courses to develop sustainable environments.
In short, the application of IFRS to any scenario generally improves the quality of the information available for
decision making substantively.
FIXED ASSET POLICIES, PROCESSES AND PROCEDURES
FRS provides services to review, design, recommend and implement fixed asset system changes for manual and
electronic fixed asset systems. This includes change management from current to proposed systems and may
include project accounting, capitalisation, warehousing, and fixed asset management to asset component levels.
FIXED ASSET ACCOUNTING MANUAL
Arising from the above consulting services we have constructed fixed assets (including network asset) accounting
manuals tailored to individual client needs. The purpose of the manuals is to facilitate training and knowledge
transfer for financial, engineering and other users. The manuals promote communication within the entity as the
various parties learn a single consistent language within their operations and with diverse colleagues. The manuals
are constructed to enable easy adaptation to the conditions in differing countries.
FRS AND IFRS
FRS has and continues to provide lecturing and chairing services to various IFRS conferences held in Southern
Africa. FRS participated directly in the International Accounting Standards Board’s XBRL project and continues to
support it in South Africa.
TELCO AND NETWORK ANALYTICS – THE BIRTH OF EVO5X
Due to the lock down and border closures FRS Telcoms could no longer travel. During this period FRS Telcom connected with consultants with deep-experience in Telco, fixed assets, enterprise strategy, organisational development, IT planning development tools and database architecture to investigate value added services and IT for industry and Telco in particular. This collaboration resulted in the creation of EVO5x. The focus is on Enterprise Value Optimisation driven by the creation of a connected environment of personnel, departments and systems.
Outcomes enable financial analysis of an opco’s network operations from macro to micro perspective e.g. return on investment for a network roll-out project to the financial capacity management of equipment (at BSC and mw link at a network sites). Be sure to visit our EVO5x LinkedIn website.
Collaboration on EVO5x has expanded into many exciting areas including:
- Multi-dimensional analysis of the enterprise that utilises financial, technical, customer, legal and other data sources to provide unique insights into its business operations to facilitate strategic planning and decision making to produce enterprise value optimisation;
- An Enhanced IFRS compliant Fixed Asset Register that combines financial, technical, operational data to facilitate proactive asset planning and management of complex asset components to maximize economic asset efficiency within rapidly evolving technological environment;
- IFRS 16 module to manage the dynamics of organisations that have multiple leases, co-locations and reciprocal leases (e.g. network sites). The module covers both lessor and lessee aspects as is generally the case in Telco operations.
Whilst the primary focus of EVO5x has been on the telco industry the reality is that the software can be utilised in
any large industry with complex equipment.
We invite you to visit our EVO5x site on LinkedIn for more detailed information.