Source: Wolters Kluwer
Bank of Beirut has implemented 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. OneSumX IFRS 9 includes a ‘cash-flow characteristic’ test to assess eligibility to measurement at amortized cost and pre-defined IFRS 9 classification business rules. It also includes an amortized cost-calculation engine with built-in support for debt restructuring, below-market loans and wide variety of product lifetime events as well as fair value measurement techniques.
The implementation of the software is part of the bank’s drive to achieve IFRS 9 compliance with a broad range of regulatory requirements across many jurisdictions and other financial reporting obligations. MDSL SAL and its sister company and Wolters Kluwer regional partner Advanced Financial Solutions (AFS), implemented the Wolters Kluwer solution, supported by advisory services firm, True North Partners.
“Bank of Beirut required a solution that could comprehensively manage its IFRS 9 requirements across the Group’s operating jurisdictions (namely Lebanon, Oman, Cyprus and the United Kingdom and, at a later stage, Australia),” notes Antoun Samia, Head of Group Risk Management, at Bank of Beirut. “Wolters Kluwer, with its strong reputation in the field for IFRS 9 solutions was an evident choice for us. The implementation work with AFS and MDSL has been exemplary and we are now in a position to ensure ongoing compliance with the standard.”
Contributed | what does this mean?