Spire Solutions: IFRS 15 Revenue Recognition for Resale, Subscriptions, and Services

Company Overview

Spire Solutions is the Middle East and Africa region's leading cybersecurity value-added distributor, holding exclusive distribution rights for specialized global security vendors and serving CISOs across government and enterprise. Its revenue mixes one-time distribution, multi-year subscriptions, and project-based services, a combination that breaks simple accounting models.

What We Did

Azdan implemented revenue recognition on NetSuite aligned with IFRS 15, so each element of a deal, covering hardware, licenses, subscriptions, and services, is recognized according to its own performance obligations rather than lumped at invoicing. Deferred revenue schedules are generated and maintained automatically.

We deployed subscription management for Spire's recurring business: multi-year security subscriptions and renewals are managed as contracts with automated billing schedules, renewal tracking, and revenue spread over the subscription term, giving management a true view of recurring revenue.

We implemented milestone-based services billing for professional services and implementation engagements: projects are structured with defined milestones, billing triggers on milestone completion, and revenue is recognized in line with delivery progress, keeping cash, billing, and revenue in their correct, separate lanes.

Together, these gave Spire's finance team a single engine handling the three revenue models, resale, subscription, and services, with accurate deferred revenue positions and audit-ready recognition schedules across the entire contract portfolio.

Results Achieved

• Each element of a deal, whether hardware, licenses, subscriptions, or services, is recognized against its own performance obligations under IFRS 15.
• Deferred revenue schedules are generated and maintained automatically, giving finance accurate positions across the contract portfolio.
• Multi-year subscriptions run as managed contracts with automated billing schedules and renewal tracking, giving management a true view of recurring revenue.
• Services billing triggers on milestone completion and revenue follows delivery progress, keeping cash, billing, and revenue in their correct, separate lanes.
• One revenue engine now handles all three models, resale, subscription, and services, with audit-ready recognition schedules.

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