FinArch's financial reporting software Financial Studio has been further enhanced with an extensive range of new functionality to address the requirements of IAS/IFRS accounting. Financial institutions making the change to International Accounting Standards (IAS) have a need for a leading global financial reporting framework that at the same time addresses the (r)evolution of accounting regulations and communication; Financial Studio provides the answer to this challenge.
Within its suite of integrated components FinArch delivers a totally integrated IAS/IFRS component that provides a complete end-to-end solution compliant with the sophisticated treatment of IAS/IFRS accounting schemes and procedures.
Considering the major impact of the new IAS/IFRS regulations related to financial instruments, FinArch ensures in its Financial Studio a full coverage of financial instruments, including retail accounts, loans, deposits, money market, equities, repos, FX products, derivatives, ...
Through its double-sided approach, Financial Studio embraces not only an event-based solution, which supports full disclosure events and balance sheet items, but also a restatement-based approach that allows for derivation of IAS/IFRS accounting within a multi-book/multi-GAAP general ledger environment.
Fundamental for the derivation into multiple accounting books is the rule-based restatement function, which handles multiple scenarios across legal entities, product and customer groups with the ability to call on financial, product and customer information from a unified database. The automated accounting generation is fully controlled by the user and facilitates flexible adaptation to internal company policies as well as to specific consolidation procedures and reporting requirements. Financial Studio thus offers financial institutions a sophisticated financial reporting and accounting system that tackles the complex information and reporting requirements for compliance reporting, hedge monitoring and fair value accounting
"Financial Studio's existing procedures for multi-GAAP derivation as well as the generation of additional accounting entries have been the foundation for the development of an early integrated solution for IAS accounting says Dirk De Beule, Managing Director of FinArch. "Subsequently, FinArch has started intensive collaboration with several financial institutions in different countries on the design, modelling and validation of the specific architecture and technology they require to comply with the changing IAS/IFRS standards. Those banks that have in place the systems with end-user tools managing complex accounting derivations will be able to minimise their investments and easily adapt to future changes".
Also available within Financial Studio is the advanced solution for Basel II, drawing on Financial Studio's comprehensive data model and rule-based processes for risk weighting and mitigation. The system supports the different methods (standard and IRB) and allows for advanced simulation and analysis, based on scenario-driven results.
Since its creation, FinArch has built a global reputation as a vendor, developer and consulting partner of financial reporting technology. Especially since the way business is conducted has been impacted dramatically by market, regulatory and technology changes, the company sees a strong demand for its technology and solutions, fuelled by the changing and increasing reporting requirements, such as IAS (International Accounting Standards) and Basel II, as well as the growing need for integrated financial reporting software.
Banks take the opportunity to combine their preparations for Basel II and IAS in one single approach; Financial Studio brings a single answer to these challenges.