Source: Wolters Kluwer
SME Development Bank Malaysia Berhad (SME Bank), the country’s development financial institution, has chosen Wolters Kluwer’s OneSumX to provide its software for managing International Financial Reporting Standard (IFRS) 9.
The accounting standard replaces the IAS 39 standard and came into effect at the start of the year. It addresses classification and measurement, impairment methodology and hedge accounting.
OneSumX IFRS 9 is a comprehensive and modular solution which provides the financial industry with a solid framework to capture and store all relevant contractual information, manage events and transactions, IFRS calculations, accounting generation and processing up to the delivery of the disclosures.
“Due to the 2018 IFRS 9 deadline it was necessary for the bank to select a vendor that could provide us with the best solution and system implementation in the fastest time possible,” commented Shahazana Shaari, Head of Group Information Technology. “We required a tried and tested vendor that was able to set up classification and measurement of financial assets and financial liability, host credit impairment models and produce IFRS disclosure reports. Wolters Kluwer’s OneSumX IFRS 9 provides an end-to-end solution, which successfully addresses all of the bank’s requirements.”