Fernbach, a leading international provider of solutions for IFRS compliance, multi-GAAP accounting and ICAAP has been chosen by GE Money Bank Czech Republic to automate its accounting according to three parallel standards: IFRS, US GAAP and Czech GAAP.
The agreement covers these accounting requirements for GE's five financial institutions in the Czech Republic.
The preconfigured FERNBACH solution, FlexFinance Accounting for parallel accounting, will provide GE Money Bank with a state-of-the-art system which adheres to such demanding accounting standards as IFRS.
In addition to IFRS, GE Money Bank Czech Republic will use FlexFinance Accounting to fulfil the requirements of both US GAAP and Czech GAAP accounting. All three accounting systems are based on a single data set, which minimises the time needed for automatic data import. The advantage of FlexFinance Accounting is that it uses raw data, which means that GE Money Bank does not have to adapt its existing systems.
In the past, GE Money Bank Czech Republic has based its accounting practice on Czech GAAP and on US-GAAP for international reporting. Since the bank has been recently considering to float an issue and due to the general move towards IFRS on the whole Czech market, a statement of account in compliance with IFRS is essential. The FlexFinance IFRS solution from FERNBACH will allow the bank to present the highly automated, IFRS and US GAAP-compliant statements.