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FinArch adds IFRS templates to accounting platform

02 May 2007  |  1055 views  |  0 Source: Financial Architects

Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that the last 6 months saw an increasing uptake of FinArch's fully comprehensive and pre-packaged IFRS accounting solution.

In responding to a higher demand from banks to implement a front-to-back integrated IFRS accounting solution, FinArch has enriched its FRP platform with accounting templates fully supporting IFRS requirements. This addition represents a high intellectual value and allows to quickly start any IFRS accounting initiative.

In many cases the current operational systems within financial institutions cannot support the new accounting principles as defined by the IFRS guidelines. As a result, many banks have opted for a consolidated adjustment process based on local books to comply with the new regulations. This practice was often seen as an intermediary solution and short term remedy to meet the imposed deadlines. Forward-thinking executives however are taking initiatives to step away from these manual processes and are implementing an integrated and sustainable IFRS accounting environment.

FinArch's IFRS solution provides:
  • definition and triggering of all common banking events,
  • associated IFRS accounting templates for identified business events,
  • full multi-GAAP processing to respond to local, head office and IFRS books,
  • complete audit trail for easy drill-back from an IFRS balance back to the originating postings and events,
  • integrated FinRep reporting.

The Financial Studio accounting templates are organized into logical product families that facilitate a well-structured, gradual implementation. Accounting templates are available for all fixed income products, treasury, equities and other non-fixed income, derivatives, loans, deposits, mutual funds, and fee business. For completeness sake, it includes also support for all non-banking activities like building & facilities and human resources.

Throughout the entire chain, consistent care has been given to reconcilability and auditability of the produced results. From a compliance perspective, you can drill back to the analytical accounting view, back to the postings, into product repository details, into events and finally into the documentation on the accounting logic business rule that was responsible for the generated debits and credits. The human workflow of making approval-controlled adjustments to data is fully aligned with the system workflow, as Financial Studio allows user intervention at the event or valuation stages, at the financial accounts, or in the compliance reporting, through its versatile adjustments engine.

Tom Dejonghe, Product Manager Accounting at FinArch comments "The intellectual value of this new module is to be considered as highly important to banks. The complete IFRS accounting logic for the finance industry is embedded in this solution and provides a deep insight into the associated accounting logic. It is the first integrated solution on the market that provides this extent of information and solution for financial institutions."

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