Proposal For The Gap Analysis and Impact Assessment of IFRS 15

Krrish Transworks Colombo
(Private) Limited
Technical proposal for gap analysis and impact

assessment of SLFRS 15
17 May 2018
KPikGl KPMG
32A Sir Mohamed Macan Markar Mw
PO Box 186
Colombo 00300
Sri Lanka
Tel
Fax
E-mail
94 (11) 5426 426
94 (11) 2445 872
kpmgsl@kpmg.com
Internet www.kpmg.com/lk
Strictly Private and Confidential
17 May 2018
The Board of Directors

Krrish Transworks Colombo (Private} Limi\ed
Leve l 35, West Tower, World Trade Center
Echelon Square
Colombo 01
Dear Sir,
Technical proposal for gap analysis and impact assessment of SLFRS 15 - Krrish Transworks Colombo (Private) Limited
KPMG is pleased to present this proposal to Krrish Transworks Colombo (Private} Limited to assist in t he gap analysis and impact assessment of SLFRS 15 -
Revenue from contract with customers . We strongly believe that the Company will gain real advantages from appointing KPMG, and that KPMG is ideally
placed to deliver value through t he quality of ou r people, our approach, and through t he added value that it will generate. We will be able to provide a
combination of skills and knowledge enabling you to benefit f ully from the wealt h of ou r experience and investment .
•
Everyone in our t eam is enthusiastic about the prospect of working with you , and we look forward to demonstrating our commitment to you. This proposal
sets out our approach and scope of work, relevant credentials, and the proposed engagement team . We place immense importance on this opportunity, and
we are confident that we will be able to exceed your expect at ions and add value to the company. '
We look forward to the opport unity to work with your organization in this assignment and would be pleased to discuss further on your requirements as we
move forward. Should any further assistance or clarifications, please do not hesitate to contact Shameel Nayeem, Partner, KPMG in Sri Lan ka on
Tel: + 94 11 5426103 or+ 94 777558325.
This proposal will be valid for 30 days effective from 17 May 2018.
Yours faithfully
~ KPMG, a Sri Lankan partnership, and a member

firm of the KPMG network of independent
M. R. Mihular FCA
T. J. S. RajakarierFCA
P. Y. S. Perera FCA
W. W.J . C. Perera FCA
C. P. Jayatilake FCA
Ms. S. Joseph FCA
Ms. S. M. B. Jayasekara ACA W. K. D. C. Abeyrathne FCA S. T. D. L. Perera FCA
member firms affiliated with KPMG International G. A. U. Karunaratne FCA R MD B Rajapakse FCA Ms. B. K. D. T. N. Rodrigo FCA
KPMG Cooperative l"KPMG International "), a Swiss R.H. Rajan ACA M N M ShameelACA
entity. . Principals: SR I Perera ACMA, LLB Attorney-at-Law, H S Gonnewardene ACA, C.T.K.N Perera ACA
kMfGJ If) 2018 KPMG.

rights reserved
a Sn Lankan partnership, and a member firm of the~ ;~''-' net1«1ork of independent member firms <:ffll•ati~d with !\PMG International t;ooperat1ve1 'KPMG 1 "1noll1onal), a Sw1<;'"" ent11y fa.II
2
Contents
No Contents Page no.
1 Executive summary 5
2 Overview 7
3 Scope of work 10
4 Why KPMG? 12
5 Proposed approach and deliverables 15
6 Project timelines 19
7 Professional Fees 21
8 Credentials 22
9 Project team 25
10 Legal 33
© 2018 KPMG, a Sri Lankan partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative(“KPMG International), a Swiss entity. All
rights reserved. 3
KPMG in Sri Lanka
KPMG is one of the largest professional services firm in Sri Lanka
and is also the oldest Chartered Accountancy firm in the country
We operate in six districts
Since 1897 Ranked1st KPMG in Sri Lanka has provided

services for the following key
Auditing 40 of the
top 100
banking sector clients:
Partners
16 listed entities
LMD Auditors League Central Bank of Sri Lanka
Bank of Ceylon
Employees AUDIT
1000+ More than Sampath Bank
40%
RANKED
63RD in the
KPMG demonstrates Commercial Bank
Clients
Listed Entities
LMD 100
LMD MOST
RESPECTED
decade of Audit National Savings Bank
1500+ IN 2015 IN 2015 Leadership National Development Bank
in Sri Lanka Cargills Bank
KPMG in Sri Lanka has a Seylan Bank
Standard Chartered Bank
dedicated Learning and Union Bank
Development Department 1,000 Most Respected 2015 DFCC Bank
people KPMG Raked
Committed to our communities among the most
respected entities
Our Knowledge sharing initiatives LMD 100 This is our Promise
KPMG hosts the 7th Roundtable Session of With passion and purpose, we work
the Audit Committee Forum
At KPMG, we KPMG named “Best Deal shoulder-to-shoulder with you,
Through our ongoing collaboration with understand and Advisory Firm in Sri Lanka integrating innovative approaches and
organizations such as the Central Bank of Sri value the benefits 2015”
Lanka , KPMG reached out sharing our
by Global Banking deep expertise to deliver real results.
of a foundation of and Finance
expertise with SME’s in Matara as part of
education and Review
KPMGs 'Commitment to our
Communities‘. lifelong learning.
© 2017 KPMG, a Sri Lankan partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International
Cooperative, a Swiss entity. All rights reserved.
© 2017 KPMG [member firm name if applicable], the [jurisdiction] member firm of KPMG International, a Swiss cooperative. All rights reserved. 4
KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Document Classification: KPMG Confidential

Executive
summary
Executive summary
We know your business
As your auditor of Krrish Transworks Colombo (Private) Limited, we have Success in this project begins with an informed industry and entity-specific
developed a comprehensive understanding of your business, product and knowledge of the accounting practices; the operational aspects of each of the
service offerings, critical policies and procedures. We have a deep businesses that drive those practices and the implications of those drivers in
understanding of the diversity of transactions and arrangements Krrish terms of the new standards.
Transworks Colombo (Private) Limited has with their customers across
markets, and the key judgements you will need to make in applying the Your KPMG team has extensive SLFRS knowledge, both in general and
standards. specifically in SLFR 15. The team includes financial reporting professionals with
vast experience in finance process and transformation.
Together these will allow us to effectively assess SLFRS 15 impacts and focus
on the things that matter for your transitioning. We are confident that our The depth and breadth of our presence in the industry will provide industry
intimate knowledge and understanding of your business, policies and insights and resources that are critical to an efficient and accurate analysis of
procedures will provide an efficient and effective solution for your transitioning. the impact of the standards. We will work very closely with you as one team
so that our knowledge is transferred to you.
Our tailor made approach and practical solutions
Timely delivery
We approach the project in phases, with the goal of focusing on high impact
areas and minimizing disruption to low impact areas. While complex We are prepared to begin work as soon as this proposal is accepted and are
organizations sometimes demand complicated solutions, our approach is committed to kicking off the project quickly so our team can work as
designed to help you manage that complexity, providing the structure and independently as possible during the following month. The timing and duration
insight needed to move through the project in a timely and effective manner. of gap assessment and implementation roadmap phase will depend on the
findings and will be agreed with you, but we envisioned a swift and efficient
Our work will identify accounting gaps between existing and new standards as solution for Krrish Transworks Colombo (Private) Limited given the importance
well as disclosure requirements. In addition to this, we will provide you with of the project.
information gaps for each significant accounting gap and key transaction type,
and map those gaps to understand the impact on business, process, systems,
and internal controls over financial reporting. This is all with the aim to develop
a practical implementation roadmap to help you achieve a centralized approach
for Krrish Transworks Colombo (Private) Limited while taking into account
market specific solutions.
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Overview
Overview – SLFRS 15
Current Requirements New Requirements
Revenue Recognition
Revenue from contracts with customers
LKAS 11 Construction contracts
LKAS 18 Sales of goods Point in time or over time

LKAS 18 Sales of Services
IFRIC 15 Real Estate Sales New guidance on royalty revenue
LKAS 18 Royalties
Guidance on non-cash
IFRIC 13 Customer loyalty Programs SLFRS consideration
15
IFRIC 18 Transfers of assets from customers
SIC 31 Advertising barter transactions
New guidance on costs of obtaining

Previously little guidance on cost of
and fulfilling a contract.
obtaining and fulfilling a contract.
Other revenue Other revenue
LKAS 18 Interest LKAS 39 Interest

or
LKAS 18 Dividends
SLFRS 9 Dividends
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Key impact areas
Indicative list – SLFRS 15

SLFRS 15 is set to have wide-ranging implications for accounting for Krrish Transworks Colombo (Private) Limited’s contracts with
customers. From our experience of working on a number of significant ongoing conversion projects we understand the issues, several of
which are highlighted below.
Identification Which goods and services are distinct and Costs related Under the new standard, certain costs incurred in
of performance should be identified as separate performance to obtaining obtaining and fulfilling a contract are required to be
obligations? capitalized, if specified criteria are met. This may
obligations and fulfilling include capitalization of commissions or other variable
Are a series of distinct goods or services that
contracts awards payable when an investment contract is
are substantially the same and are a single obtained.
performance obligation being provided?
Capitalized costs are amortized on a systematic basis
Are contract renewal options a material right? consistent with the transfer of the associated goods
and services.
Variable Is it highly probable that a significant revenue Contracts that Does the contract integrate different services into a
consideration reversal will not occur? include single package?
(e.g. target cost Variable consideration includes: performance
investment Judgment needs to be applied to determine
incentive fee bonuses, penalties, and consideration contingent management whether the customer for the service provided is
contracts) on the occurrence / non-occurrence of a future and other the fund or the underlying investors.
event. services
Penalties or liquated damages are recognised as
a reduction to revenue.
Contract The new standard does not include specific guidance on the Disclosure Under the new standard, an entity disclosures more information
losses accounting for contract losses, rather the guidance in IAS 37 is about it’s contract with customers than is currently requires
applied. under IAS 18.
Under IAS 37, an entity considers only the ‘unavoidable costs’ SLFRS 15 contains both quantitative and Qualitative disclosure
of fulfilling an obligation when identifying onerous contracts requirements.
and measuring any required provision.
5
Are these ‘unavoidable costs’ equivalent to the total contract
loss that would be recognised under IAS 11?
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Scope of work
Scope of work – SLFRS 15
Phase I Phase II
Identifying revenue
Impact assessment and gap Policies and
streams and assessing
analysis processes
revenue recognition
 High-level assessment will be performed of your organization’s  Identify key revenue streams on the basis of • Highlighting the decision points and
readiness for implementing the new standard. different attributes (products and services, key judgements to assist
geographies, enabling systems and processes, key management in determining
 Will perform an 'as-is' assessment of: contract attributes and availability of feasibility of accounting application
 current accounting policies, disclosure and reporting electronic/physical contracts). and the appropriate accounting
requirements policies to be adopted.
 Assess revenue recognition using the 5 step
 data and information requirements and internal controls approach for identified revenue streams and
evaluating the impact to nature, timing and amount
 Based on preliminary findings on the impact assessment of revenue recognition.
performed; a detailed gap analysis will be performed with
independent review and advisory in order to evaluate the  Evaluating preferred transition method
appropriateness and completeness of initial assessment. (modified or full retrospective) vs. practicality
of such method and to make transition
recommendations
Financial reporting and Model validation

Training
disclosures
 Review the five step model to a

representative sample of contracts.
 Conduct applicable training programs in SLFRS 15 standard • Assist the company to prepare financial
for the Group. statements that are compliant with the new  Provide assistance in identifying
SLFRS 15 standards. contract provisions which are not
aligned with accounting policies
chosen.
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Why KPMG?
KPMG‘s understanding of your requirements
We understand
We have an edge when it comes to SLFRS 15 implementation

Your key challenges:
— The implementation of SLFRS 15 is more
than just an accounting or a model building Accelerated delivery due to existing knowledge of
exercise. It has a far reaching impact across your current processes as your auditor.
your capital, processes, people, IT, risk and
infrastructure.
— Given your large diversified structure and
processes, achieving seamless and
Our understanding
consistent implementation of SLFRS 15

across the whole group may consume
significant management bandwidth. As trusted advisors, we can provide you with our
insights into SLFRS 15 accounting principles and
impact on P&L.
We have heard
You need our support to embark on the gap

analysis and impact assessment journey for the
company. This would comprise:
— SLFRS 15 gap analysis and impact You will receive a richer output from KPMG, given
assessment including functional advisory our knowledge and experience with similar
and a tactical solution and alignment with projects.
the strategic long term initiatives of the
company.
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The greater value we bring to you through this project
We are able to assist in all aspects of your SLFRS 15 gap analysis and impact assessment covering the project
End to end
management, model design, model validation, accounting, regulatory liaison etc. on an end to end basis across
coverage
the company.
Being locally based helps in liaising with you, while also supporting our ability to deal with your questions
Local presence
promptly.
Understanding
of your As your current external auditor means that we will understand your business and can hit the ground running
business
Local and
regional We have carried out SLFRS/IFRS 15 impact assessments in Sri Lanka and Maldives.
credentials
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Proposed approach and
deliverables
SLFRS 15
Our customized approach (SLFRS 15) - overview
• This approach is explained below :
IMPACT ASSESSMENT
• The first step is to perform a high-level assessment of your organization’s readiness for
implementing the new standard. A detailed accounting gap analysis may uncover several issues that
must be addressed. Even if there is no expectation of significant changes to the revenue recognition
pattern, the standard calls for several new disclosures.
• Perform an 'as-is' assessment of:
— current accounting policies, disclosure and reporting requirements
— data and information requirements, internal controls
Key considerations
We have learned that it is important to approach the SLFRS 15 implementation as a broad, business-based initiative and not just as an accounting
exercise. The transition to SLFRS 15 will most likely trigger the need for modifying or overhauling multiple systems and informational warehouses, and
require significant cross-organisation training and process/internal control changes.
Therefore it is important to ensure sponsorship by the board and to involve local management at an early stage to make them aware of the significance of
the project and to ensure their full support and cooperation in this exercise. We recommend to not cut corners during the gap assessment: any
accounting issues, disclosures in this phase can significantly harm the implementation efforts and timetable later. Managing the issues well early on can
significantly reduce the risk of delays.
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Deliverables
Gap assessment report, covering:
• Accounting policies and disclosures gap matrix.

• Impact assessment report outlining potential changes in financial reporting, accounting policies, reporting and disclosures.
• Report on categories of contract attributes/elements that have an impact on the timing and amount of revenue recognized.
• List of most affected business segments and revenue streams.
• Appropriate transition approach.
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Project timelines
Project timelines
SLFRS 15 project
W1 W2 W3 W4
Gap assessment and analytics

Gap assessment
Knowledge transfer: regular stakeholder engagement and on site working with the Company staff
* Subject to change depending on project award date
Periodic meetings with stakeholders Draft deliverables Final deliverables
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Professional Fees
Our professional fees
— Our suggested approach is to provide technical accounting input and insight from practical Indicative
KPMG Fees
experience. We will rely on your team for obtaining information and knowledge of your Cost
solutions and products.
Phase I Phase II
— We have structured our proposal so that you have a clear idea of the scope of the work we would
expect to perform for the fee proposed and the hours we would expect to complete the work. SLFRS 15 200,000 200,000
— We will only charge the actual time incurred, and only charge any additional fees for any change
of scope after agreeing them with you.
— You will benefit from the involvement of experienced and senior team members that will be
available to you on an ‘on-call’ basis to discuss any questions that may arise as the project
progresses. We are flexible in terms of the level of support that we can provide and would be
happy to scale our role up or down in order to meet your needs.
— Our fees are based upon our estimates of the time required for the individuals assigned to the Our proposal is subject to us
engagement to complete their work and the necessary degree of skill and experience of the staff completing our normal client and
members concerned. In addition to the fees, all applicable taxes such as Value Added Tax , engagement acceptance procedures
Nation Building Tax and out of pocket expenses will also be charged. and subject to agreeing an engagement
letter covering this work.
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Credentials
Industry Knowledge
Our credentials
KPMG regularly assists multinational companies, public We have provided accounting advisory services for
listed companies, large government sector organizations, IFRS/SLFRS transition from previous local GAAP (Sri Lanka
not for profit organizations, financial services organizations Accounting Standards), technical accounting opinions on
and other sectors organizations with their accounting complex accounting issues (eg:mergers, acquisitions,
challenges and issues. business combinations, complex transactions etc.),evaluation
of possible accounting options, training programes on
SLFRS/IFRS standards and assist in preparation of
KPMG member firms’ understanding of the industry is both consolidated and separate financial statements.
current and forward - looking, thanks to global experience
Real Estate Companies Manufacturing Companies
knowledge sharing, industry training and use of
professionals with direct experience in the real estate, • Access Engineering PLC • Nestle Lanka PLC
manufacturing, leisure, asset management, and finance • Capital Towers Ltd • Distilleries Company of
industry. Our industry experience helps our team • Colombo City Centre Sri Lanka PLC
understand both KPMG clients’ business priorities and the Partners (Pvt) Ltd • Lanka Milk Foods (CWE)
strategic issues facing the organization. • Lee Hedges PLC PLC
• Milllenium Housing • Softlogic Holdings PLC
Developers • Diesel & Motor
• Sunsity Property Developers Engineering PLC
KPMG in Sri Lanka has provided services to leading real
• Prema Group • Aitken spence PLC
estate, manufacturing, leisure, Banking & Financial
• Ceylon Hotel Corporation
Services Sector entities. Our experiences over the years PLC
have given us a in depth understanding of the above sectors Software Companies
operations and processes enabling us to perform the
engagement within defined timelines and to your • Millennium IT Software (Pvt)
expectations. Ltd
• Millennium Information
Technologies (Pvt) Ltd
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Project team
Project Team
Our Team
Your KPMG team for a successful SLFRS 15 implementation
Project Lead
Reyaz Mihular
Managing Partner
KPMG Sri Lanka
Engagement Lead
Shameel Nayeem
Partner
Accounting Advisory
Services
KPMG Sri Lanka
Project Management
Technical Experts
Yasantha Kumara Iresha Peiria Nimanthi Wijesinghe

Aaqil Yakoob
and
Senior Manager Manager Senior Consultant Senior Consultant

Accounting Advisory Accounting Advisory Accounting Advisory Accounting Advisory
Services Services Services Services
Close co-operation with the Company
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Your core team
Name Reyaz Mihular
Position Managing Partner – KPMG Sri Lanka
Qualification  Fellow Member of the Institute of Chartered Accountants of Sri Lanka (FCA)
 Fellow Member of the Chartered Institute of Management Accountants – UK (FCMA)
Experience  Reyaz is the Managing Partner of KPMG in Sri Lanka. He leads a team comprising of over 900 professionals and associates.
He counts over 30 years of experience in Audit and Advisory areas having led engagements in business valuations, due
diligences, restructuring, accounting advisory, infrastructure advisory, mergers & acquisitions and related service
engagement.
Contact details
T: +94 11 5426500  He previously served as the Regional Executive Officer of the KPMG Middle East & South Asia Regional Office where he
E:reyazmihular@kpmg.com
was responsible for coordinating regional level strategy for KPMG member firms across 15 countries. He also served on
KPMG’s Global Corporate Finance Board, as the Head of Advisory for the KPMG MESA region and presently continues to
serve as the Head of SLFRs for the KPMG MESA region.
 Reyaz’s experience in SLFRS/LKAS Compliance Reviews and SLFRS/LKAS Audits include serving as Engagement Partner
for an SLFRS/LKAS Compliance Audit for a large Sri Lankan Conglomerate, serving as Engagement Partner for an
Advisory Assignment on SLFRS/LKAS compliance for a large scale IT Company and also serving as SLFRS/LKAS
Reviewing Partner for two large scale state sector Banking entities. Reyaz was also involved in advising a team of
professionals on an SLFRS/LKAS compliance changeover for one of the largest Energy Sector entities in Sri Lanka.
 Reyaz has led engagement teams in due diligences and valuations for a vast number of cross border transactions
covering both inbound investments to Sri Lanka and outbound investments by Sri Lankan companies. His experience in
due diligences range from mass scale investments such as acquisitions of large state owned corporations and
conglomerates to individual acquisitions of leisure properties and boutique hotels. He has also led a vast number of M&A
Advisory engagements including functioning as the lead advisory in one of the single largest private placements raising
over LKR 3bn for the formation of a banking entity in Sri Lanka.
 His experience covers both buy side and sell side due diligences, independent reviews and advisory assistance
throughout the various phases of the transaction process.
 Reyaz is a Past President of the Institute of Chartered Accountants of Sri Lanka and served a five year term on the
International Board of the International Accounting Standards Committee (IASC). He was also strongly involved in the
development of a number of accounting standards.
 He is presently the Chairman of the CIMA Sri Lanka Division. Reyaz has completed International Executive Education
programs at INSEAD, France and the London Business School.
Domain Telecommunication ,Information Communication Technology, Education, Power and Energy , Financial Services,
experience Development Organizations, Consumer Markets, Apparel, Industrial Markets, Infrastructure & Government
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Your core team Name Mohamed Shameel
Position Partner – KPMG Maldives
Qualification • Associate Member of the Institute of Chartered Accountants of Sri Lanka (ACA)
• Associate member of the Association of Chartered Certified Accountants – UK (ACCA
Experience • Shameel is the Partner of KPMG Maldives He has managed the audits of companies including public listed
companies in various sectors such as Banking (Conventional and Islamic) , Telecommunication, Insurance
(Conventional and Takaful), Hospitality, Construction & Real estate, Retails, Transportation & Logistics,
Contact details
Manufacturing etc.
T: +94 (11) 5426103
E:r mshameel@kpmg.com
• Shameel joined KPMG Maldives in February 2012. He has nearly 16 years of experience in the provision of audit,
tax and audit related services. Before joining Maldives office, Shameel worked in KPMG Qatar for a period of 7 year
and in KPMG Sri Lanka for a period of more than 4 years. He has participated in various trainings, seminars and
workshops in relation to eAudit/KPMG Methodology, IFRS/ US GAAP, Risk Management, Motivating Performance,
Information skills, Banking & Insurance (Including Islamic & Takaful) etc. He was the head of training at KPMG Qatar
looking after IFRS and ISAs training for the staff and IFRS training for the clients.
• Shameel has been involved in the audits of many Commercial Banks and Financial Institutions in the capacity of
Partner, Director, Senior Manager and Manager such as the audits of Housing Development Finance Corporation –
Maldives, Bank of Ceylon – Maldives Branch, Maldives Islamic Bank, State Bank of India – Maldives Branch,
International Bank of Qatar QSC, Nexus Financial Services LLC, HSBC (Sri Lanka & Qatar), Commercial Bank of
Qatar and Commercial Bank of Maldives. In addition to audits Shameel has been involved in agreed upon
engagements, reviews and special purpose assignments. During his tenor in Qatar Shameel has been actively
involved in an assignment to prepare a schedule of key regulations and controls matrix for the Commercial Bank of
Qatar
.
• Shameel will bring extensive audit experience to serve as the Engagement Partner for the audit. He will be
responsible for the overall coordination and controlling the audit. He will work closely with your management team
and meet with them to discuss technical matters, service delivery and wider business issues. He will also be
responsible for identifying, scheduling and managing the professionals who will perform the day to day audit work
and he will also ensure that resources are being employed efficiently.
Domain • Banking (Conventional and Islamic) , Telecommunication, Insurance (Conventional and Takaful), Hospitality,
experience Construction & Real estate, Retails, Transportation & Logistics, Manufacturing etc.
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Your core team Name • Yasantha Lalith
Position • Senior Manager, Accounting Advisory Services
Qualification • Associate Member of the Institute of Chartered Accountants of Sri Lanka
• Associate Member of Chartered Institute of Management Accountants (UK)
• CFA Charter holder of CFA Institute (USA)
• MBA(Finance), University of Sri Jayewardenepura
• BSc. Accountancy (Special), University of Sri Jayewardenepura
Contact details Experience • Yasantha is currently working as a Senior Manager in the Accounting Advisory Services of KPMG Sri Lanka.
T: +94 (11) 5426122
E: ykumara@kpmg.com • He is currently involved in IFRS 09 convergence projects for Banks, Finance Companies and larger non-
financial Group of Companies in Sri Lanka and Maldives.
• Further, he is involved in providing Accounting Advisory Services for internal and external clients including
analysis of complex transactions and financial instruments (e.g. accounting for derivatives and hedge
accounting), Involvement in IFRS related training programs etc.
• Yasantha has close to 10 years of work experience in Banking, Finance and Insurance sectors. Prior to
joining KPMG, Yasantha has worked for Bank, Insurance and Finance companies and he has exposure in
financial reporting, regulatory reporting ,Basel guidelines and risk management activities, Treasury related
products & activities, accounting for derivatives, business line reporting, Asset Liability management etc.
rights reserved. 29
Your core team Name • Iresha Peiris
Position • Manager, Accounting Advisory Services
Qualification
• Associate Member of the Institute of Chartered Accountants of Sri Lanka
• Bachalor Business Management Degree from University of Kelaniya
Experience • She is currently involved in IFRS convergence projects such as IFRS 9, 15 & 16, providing accounting
advisory services for internal and external clients including analysis of complex transactions and
financial instruments, Involvement in IFRS related training programs etc
Contact details
• Iresha has over 5 years experience in provision of accounting advisory services to diversified industries
T: +94 (11) 5426124
such as, but not limited to, manufacturing, trading, services, plantations, leisure, construction, real
E: ipeiris1@kpmg.com
estate type of business.
• She has experience in IFRS implementation for multitude of corporates. The work comprises delivering
impact assessment, gap analysis and implementation planning of IFRSs.
• Iresha has the experience in provision of accounting advisory to multitude of corporates on complex
accounting issues on IFRS 10, IFRS 11, IFRS 03, IAS 28, IAS 40, IAS 38, IAS 39, IAS 17, IFRS 15 etc.
• Iresha has experience in one of big four in Qatar and during her tenure she has involved number of
engagements in Qatar, Oman and Kuwait on impact assessment, gap analysis and implementation
planning of IFRS 9- classification and measurement.
• She has performed SPPI test on portfolios of investment and has good knowledge of requirements of
cash flows characteristics test and Business model assessment under IFRS 9.
• She has been involved as part of IFRS 15 team and She has engaged in IFRS 15 - Impact assessment for
a major telecommunication provider in Qatar.
• She has strong accounting and auditing background, which helps her to deal with a range of matters
related to accounting and auditing. Iresha also has a very good knowledge of International Financial
Reporting Standards (IFRS).
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Your core team Name Chamika Nimanthi Wijesinghe
Position Senior Consultant – Accounting Advisory Service, KPMG Sri Lanka
Qualifications  Associate Member in Institute of Chartered Accountants
 Bachelor of Business Administration Accounting (Special) Degree at the University of Colombo
Experience  She has 3 years of experience in audit assignments and 1 year experience in the area of accounting
Contact details advisory services in KPMG Sri Lanka.
T: +94 (11) 5426125
E: nwijjesinghe@kpmg.com  Chamika is currently involved in IFRS convergence projects such as IFRS 15 & 16, providing accounting
advisory services for internal and external clients including technical support on complex accounting
issues etc.
 Further she has exposure in preparation of financial statements, consolidated financial statements and
interim financial statements for listed and unlisted companies in accordance with the Sri Lanka
accounting standards.(SLFRSs/LKASs)
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Your core team Name Aaqil Yakoob
Position Senior Consultant – Accounting Advisory Service, KPMG Sri Lanka
Qualifications • CFA Charterholder of CFA Institute (USA)
• Affiliate in Association of Chartered Certified Accountants (ACCA)
• Bachelor of Science in Applied Accounting, Oxford Brookes University, Oxford
• Bachelor of Science in Business Information Technology, London Southbank University
• Certificate Program on Treasury & Foreign Exchange Operations, Centre for Banking Studies
Contactdetails
details
Contact Experience  Aaqil is involved in assisting in IFRS related training and IFRS convergence projects. Aaqil has
T:T:+94
+94(11)
(11)5426124
5426122
over 5 years of work experience in financial analysis, treasury & banking, and financial
E: ayakoob@kpmg.com
E: ipeiris1@kpmg.com reporting in addition to experience in KPMG
 Prior to joining KPMG AAS, He worked for a Sri Lankan Bank for close to four years as a
Treasury Executive and was involved in FX dealing, proprietary trading in FX, asset & liability
management, liquidity management, risk management, and contributed to the consistent
achievement of yearly budgets of the department.
 Further he has exposure in consolidations, CBSL returns including Capital Adequacy, LAR, LCR,
working with IRM division for implementation of new Basel initiatives and risk management
activities, Treasury related products & activities, accounting for derivatives, credit line reporting,
analysis of equity investments, involved in streamlining systems and reports for the Bank,
Asset Liability management & providing information to ALCO, dealing with rating agencies,
customer/product analysis, deposit and loan analysis, maturity analysis, cost and yield analysis,
Business line reporting etc.
rights reserved. 32
Legal
Confidentiality
We will hold in strict confidence any confidential information obtained from you and will not disclose it to others or use it except in
connection with the performance of the services or otherwise as reasonably necessary for the purpose of this assignment; and you will keep
(and will ensure that the company’s employees and officers will keep) in strict confidence and not disclose to any third party or use, except
as expressly stated in this letter, any advice or opinions which we give to you in the course of providing the services.
The above shall not prohibit disclosures required by law or by the rules of any governmental or regulatory body or disclosures made for the
purposes of pursuing any legitimate claims that you may have against us or as you or any other persons. The above shall also not prohibit
the disclosure of any information that is now within the public domain, or which is obtained from a third party who is entitled to disclose it
publicly, and shall cease to apply to any information which subsequently enters the public domain except as a result of a disclosure which is
contrary to these provisions.
The provisions of the above paragraphs shall continue in full force and effect not withstanding the termination of our appointment
hereunder, or the completion of the services set out in this proposal.
The contents of this document are strictly confidential and for use by the intended recipients only, No part of this document should be
released to any external party, modified or used in conjunction with any other documentation without the prior written consent of the
respective member firms.
rights reserved. 34
Engagement Acceptance
Please note that acceptance of assignments is subject to entering into a formal engagement
letter and the successful completion of engagement acceptance and risk management
procedures of KPMG.
rights reserved. 35
This proposal is made by KPMG, a Sri Lankan partnership and a member firm of the KPMG network of independent firms affiliated with
Thank You KPMG International Cooperative (“KPMG International”), a Swiss entity, and is in all respects subject to the negotiation, agreement, and
signing of a specific engagement letter or contract. KPMG International provides no client services. No member firm has any authority
to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such
authority to obligate or bind any member firm.
We will be pleased to
© 2018 KPMG, a Sri Lankan partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG
have an opportunity to International Cooperative(“KPMG
2016 International), a Swiss entity. All rights reserved.
discuss our approach,
experience and
credentials with you to
address any queries or
provide additional
information that may be
required.
rights reserved. 36

Proposal For The Gap Analysis and Impact Assessment of IFRS 15

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Proposal For The Gap Analysis and Impact Assessment of IFRS 15

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Krrish Transworks Colombo

Technical proposal for gap analysis and impact

Strictly Private and Confidential

The Board of Directors

~ KPMG, a Sri Lankan partnership, and a member

kMfGJ If) 2018 KPMG.

5 Proposed approach and deliverables 15

We operate in six districts

Since 1897 Ranked1st KPMG in Sri Lanka has provided

Document Classification: KPMG Confidential

LKAS 18 Sales of goods Point in time or over time

IFRIC 15 Real Estate Sales New guidance on royalty revenue

New guidance on costs of obtaining

Other revenue Other revenue

LKAS 18 Interest LKAS 39 Interest

Indicative list – SLFRS 15

Financial reporting and Model validation

 Review the five step model to a

We have an edge when it comes to SLFRS 15 implementation

consistent implementation of SLFRS 15

You need our support to embark on the gap

• Accounting policies and disclosures gap matrix.

Gap assessment and analytics

* Subject to change depending on project award date

Periodic meetings with stakeholders Draft deliverables Final deliverables

Yasantha Kumara Iresha Peiria Nimanthi Wijesinghe

Senior Manager Manager Senior Consultant Senior Consultant

Close co-operation with the Company

Position Managing Partner – KPMG Sri Lanka

Position Partner – KPMG Maldives

 Bachelor of Business Administration Accounting (Special) Degree at the University of Colombo

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