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It is needless to say that technological paradigms are increasing and scaling up and has turned into a wholesome industry. The industry is often termed as the information technology while telecom and media make the apt part of this industry. This industry has impacted the major parts of the population, such as the investors, market participants, traders, and the investment bankers. If the telecom and media industry is looked at, it covers the networking, semiconductors, hardware, internet, mobile, and software industry. There are multiple firms and businesses working in the industry.

The increase can be seen by the presence of mergers, acquisitions, and the public offerings. These industries are lacerating through the agile and fast operations. However, these industries have created a huge gap. There are well-established businesses as well as the start-ups looking for the innovation and expansion of the intellectual property. This is essential for the success and expansion of this industry.  

The Financial Reporting Standards

In terms of the information technology industry, the IAS 29 standard is the top one which defines the financial instruments. According to this financial reporting standard, the businesses are ought to recognize and measure the financial instruments inclusive of financial liabilities, selling and buying contracts for the non-financial entities, and the financial assets. As per the standard, the initial recognition calls for the contractual provisions based on the entity becoming a party and to further explain the multiple classes; there are sub-standards as well. The sub-standards usually define the special rules that are applicable to the hedging instruments.

The sub-standards include;

IAS 18 – this substandard talk about the revenue and how the accounting conditions are defined for the recognition of the revenues given the sale and purchase of the services, goods, and shares. It clearly defines the service rendering, and the royalties and dividends are acquired. In other words, it outlines with the fair value measurement of the revenues, and it is noteworthy to see that receivables need to be recognized when;


  • If the item has some forecasted and predicted economic benefit adhered to it
  • If the revenue and the amounts can be reliably measured


MintAccountax

Every business starts its operation, given the unique innovation adhered to it. There are businesses who will make an entry to the market because they discovered the efficient ways to deliver the services or the good. At MintAccountax, we have helped multiple businesses which have rounded up the immense experience for us. Through this experience, we are able to tailor our services according to the client’ needs and the nature of their business.

We understand the importance of technology and the impact of technology on the businesses and how it is increasing the factor of competition among the businesses. The businesses are using the cutting-edge technology and innovation to give rise to new trends and competition. At MintAccountax, we have a team of professional accountants and tax advisors who have honed the knowledge and skills to make the financial reports, help with the monthly bookkeeping, and other taxation service support. They have mastered the detailed and in-depth knowledge about the taxing principles and the accounting procedures.

The biggest challenge in the information technology industry is the access to the funding to ensure sustained growth, success, and the sustainability. The team of accountants has ample information regarding the challenges and has the capabilities to recommend the best practices that are evident to ensure success rate and that also defines the tax reliefs to the companies. We ensure that your business is safe from the government penalties regarding the non-compliance of the regulations. Moreover, we ensure that your business gets highest rewards and benefits from the government in the form of applicable tax reliefs.

Our Services

If your business or company belongs to the information technology world, we are offering our well-shaped services. Through our services, we intend to;


  • Provide assistance in the complex accounting matters which can give rise to the instrumental financial needs, revenue recognition, or the compensation
  • Devise the sturdy financial reporting tailored to meet your business requirements
  • Help with the monthly bookkeeping services
  • Help in VAT returns preparation
  • Manage the business accounts for the specific intervals (as requested by the business)
  • Assist in the tax reliefs
  • Assist in regulating the industry compliance