Financial Architects ("FinArch" Headquarters: Belgium, co-founder & COO Mr. Chris Puype) and Microsoft Co. Ltd., Japan (Headquarters: Shibuya Ward, Tokyo, President & CEO Mr. Yasuyuki Higuchi) will cooperate to provide solutions corresponding to international accounting standards for financial institutions in the Japanese market.
Currently, many countries and regions have announced their adoption of, or plan to adopt, the International Financial Reporting Standards (IFRS), which Europe started adopting from 2005. Japan has also indicated a policy to obligate listed companies to adopt IFRS in their consolidated accounting, starting somewhere around 2015 - 2016.
Financial Architects is the leading company of integrated BI software solutions for enterprises which focus on financial institutions who advocate the consolidation of finance and risk management, and has been expanding their solutions corresponding to international accounting standards for financial institutions worldwide.
Financial Architects' 'Financial Studio' was developed by utilizing Microsoft® Windows Server®, SQL Server® and NET technology, and is the first Finance Resource Planning (FRP) solution in the industry. This solution is furnished with a data model specialized in the financial industry, which solves various problems occurring in the fields of accounting, MIS, capital management, risk management and management reporting, via a modularized platform for enterprises.
'Financial Studio' manages a series of life cycles from itemization to reports according to international accounting standards based on the occurrence of transaction events, which facilitates reference to the details of the allocation standards and itemization, including the tracking of report data to the original voucher. Since the allocation standard rules and report creation rules are disjoined, flexible correspondence is possible even when changes occur in the creation of the multi-GAAP report and management report.
Financial Architects has operational experience in more than 100 financial institutions worldwide, and has accumulated best practices unique to financial institutions.
In order for Financial Architects to develop their solutions in Japan, Microsoft will perform joint sales and marketing activities as well as partnering with each cooperating partner company in Japan.
Microsoft offers a Microsoft Consulting Service and Microsoft Premium Service in order for corporations to introduce Financial Studio, and supports the business clients in cooperation with each partner company, to realize a smooth system design, construction and management. Microsoft also offers the optimal system solutions utilizing the technological verification environment in the 'Microsoft Technology Center in Otemachi'.