Fernbach establishes IFRS centre in Korea

Source: Fernbach

Fernbach, a leading provider of solutions for IFRS accounting and Enterprise-wide Value and Risk Management, has entered into a partnership with auditing company SAMIL PricewaterhouseCoopers, the Korean member firm of PricewaterhouseCoopers.

FERNBACH-Software furthers its international presence in Asia/Pacific for FlexFinance(r) IFRS by partnering with the leading consulting company SAMIL PwC

The partnership involves the establishment of an IFRS Centre of Excellence in Seoul, South Korea, to train, educate and prepare banks for IFRS compliance. The FERNBACH solution FlexFinance IFRS has already been installed in the centre and will be used as a reference point from which banks in the Asia/Pacific region can validate their IFRS strategies.

In 2011, the adoption of accounting practices in accordance with International Financial Reporting Standards (IFRS) will become mandatory in Korea. The standards-compliant FERNBACH solution FlexFinance IFRS for double-entry bookkeeping will enable South Korean financial institutions to perform accurate and state-of-the-art accounting procedures and to drastically reduce project costs and risks thanks to pre-defined templates and optimum transparency.

The primary goal of the IFRS Excellence Centre is to support banks in adopting the new accounting standard (IFRS). The migration towards IFRS is a complex process requiring in-depth knowledge, expertise and experience. The Centre of Excellence will assist banks in Korea and the entire Asia/Pacific region to validate their IFRS strategies through scenario testing with real software, FlexFinance IFRS, which is already live in numerous sites around the world including ICBC (Asia), Mizuho, Commerzbank, HSBC and NORD/LB amongst others.

This centre also focuses upon training with a heavy emphasis on real-live situations. Experiences with numerous clients in Europe clearly demonstrated a knowledge gap not addressed in the market until now, between theoretical implementations and actual hands-on experience.

FlexFinance IFRS is delivered with predefined templates which allow bank to quickly identify the mandatory data and therefore to define a data quality ratio, which is invaluable especially when conducting gap ananalyses.

Jae-Sik Kim, a partner of SAMIL PwC, said, "FlexFinance IFRS provides us with the ideal mix between an integrated package which supports all essential features such as delta approach to handling large volume of data, product splitting or automatic generation of credit and debit entries and also an impressive list of predefined templates with are very useful for optimising and securing fast implementation for all projects."

Arnaud Picut, Director of Asia/Pacific Region at FERNBACH-Software, said, "This IFRS Excellence Centre is the convergence between highly qualified consultants in accounting and our fully compliant IFRS accounting generator. IFRS is a complex topic which requires more than just a package; it requires experts in various domains to complete the adoption of IFRS. SAMIL PwC is capable of delivering such resources during a project."

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