|WNS (HOLDINGS) LTD filed this Form 6-K on 08/06/2018|
WNS (HOLDINGS) LIMITED
(Amounts in thousands, except share and per share data)
WNS (Holdings) Limited (WNS Holdings), along with its subsidiaries (collectively, the Company), is a global business process management (BPM) company with client service offices in Australia, Dubai (United Arab Emirates), Germany, London (UK), New Jersey (US), New Zealand, Singapore and Switzerland and delivery centers in the Peoples Republic of China (China), Costa Rica, India, the Philippines, Poland, Romania, Republic of South Africa (South Africa), Sri Lanka, Turkey, the United Kingdom (UK) and the United States (US). The Companys clients are primarily in the travel, shipping and logistics services and utilities; retail and consumer products group; banking and financial, healthcare and insurance and consulting and professional services industries.
WNS Holdings is incorporated in Jersey, Channel Islands and maintains a registered office in Jersey at 22, Grenville Street, St Helier, Jersey JE4 8PX.
These unaudited condensed interim consolidated financial statements were authorized for issue by the Board of Directors on August 6, 2018.
Basis of preparation
These condensed interim consolidated financial statements are prepared in compliance with International Accounting Standard (IAS) 34, Interim financial reporting as issued by the IASB. They do not include all of the information required in the annual financial statements in accordance with IFRS, as issued by the IASB and should be read in conjunction with the audited consolidated financial statements and related notes included in the Companys annual report on Form 20-F for the fiscal year ended March 31, 2018.
The accounting policies applied are consistent with the policies that were applied for the preparation of the consolidated financial statements for the year ended March 31, 2018, except as mentioned below.
Adoption of IFRS 15
Effective April 1, 2018, the Company has adopted IFRS 15, Revenue from Contracts with Customers (IFRS 15). As a result, the Company has changed its accounting policy for revenue recognition, which has been detailed below.
The Company has applied the standard retrospectively with the cumulative effect being recognized as a transition adjustment to the Companys opening retained earnings as at April 1, 2018. The comparative information has not been restated and continues to be reported in accordance with the principles of IAS 18 Revenue. The initial application of the standard applies to active contracts as at April 1, 2018.
The key area impacted upon adoption of IFRS 15 relates to the accounting for sales commission costs. Specifically, under IFRS 15, a portion of sales commission costs have been recorded as an asset and amortized on a straight-line basis over the expected life of contract rather than expensed as incurred under the Companys erstwhile accounting policy (Refer Note 19).
The Company derives revenue from BPM services, comprising back office administration, data management, customer interaction services management, and Auto Claims handling services.
Revenue from rendering services is recognized on an accrual basis when the promised services are performed for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services. Revenue from the end of last billing to the reporting date is recognized as unbilled revenue. Unbilled revenue for certain contracts is classified as contract assets, as the right to consideration is conditional on factors other than the passage of time. Revenue is net of value-added taxes and includes reimbursements of out-of-pocket expenses.