FinArch adds IAS/FRS accounting module to reporting package
23 April 2003 | 2677 views | 0
Brussels-based Financial Architects (FinArch) has added an automated account component to its financial reporting software, Financial Studio, to help firms comply with IAS/FRS accounting standards.
FinArch says it is has collaborated with several firms on the design, modelling and validation of technology required to comply with the IAS/IFRS standards and the package now delivers an end-to-end solution to help firms comply with the new regulations.
The package provides coverage of instruments including retail accounts, loans, deposits, money market, equities, repos, FX products and derivatives. An event-based component that supports the disclosure of events and balance sheet items and a rule-based restatement function allows for IAS/IFRS accounting within a multi-book/multi-GAAP general ledger environment.
The restatement functions handles multiple scenarios across legal entities, product and customer groups with the ability to call on financial, product and customer data.
The component also adapts to internal company policies and specific consolidation procedures and reporting requirements.
Dirk De Beule, managing director, FinArch, adds: "Those banks that have in place the systems with end-user tools managing complex accounting derivations will be able to minimise their investments and easily adapt to future changes."
Financial Studio also contains a solution for Basel II, supports the different methods (standard and IRB) and allows for simulation and analysis based on scenario-driven results.