FERNBACH is live with its FlexFinance® Accounting Generator for automated accounting

Luxembourg, Frankfurt, Zurich - 12 February 2004

The FlexFinance® Accounting Generator is a user-friendly state-of-the-art solution for automatic generation of accounting entries.

"Since its initial introduction in 1998, the solution has proven its performance capability and reliability and is used by numerous customers on a daily basis. Taking data from any source system, it processes them according to pre-defined business and accounting logic and makes the results available to any target system", says Dr. Karl Kirchgesser, Head of Business Development Accounting at FERNBACH-Software.

Günther Fernbach, CEO of FERNBACH adds: "The FlexFinance® Accounting Generator creates an open, consistent accounting environment. It efficiently guides users through the process of securely defining and administering financial and accounting rules to achieve business functionality. The FlexFinance® Accounting Generator can be delivered as a stand-alone component that can be seamlessly integrated into any application environment. The solution is also an essential, tried and tested part of the FlexFinance® Loan Factory - generating the general ledger entries - as well as of FlexFinance® Accounting Local GAAP."

In April 2003 the Accounting Generator was functionally upgraded with regard to the IFRS requirements. All credit and debit entries relevant for preparing the balance sheet and P&L accounts are generated in compliance with IFRS and, if required, can be transferred to any general ledger system.

The FlexFinance® Accounting IFRS solution covers the whole range of IFRS requirements such as product splitting, cash flow generation, valuations at fair value (IAS32 and IAS39) or at amortised cost according to the effective interest rate method as well as hedge management with effectiveness testing. The solution can handle the whole process from raw deal data through to full parallel accounting into multiple sets of books, in any currency and for any number of clients.

The application can be flexibly and individually integrated into any heterogeneous IT environment. Due to the component-based approach, partial solutions such as Hedge Accounting can also be supplied as stand-alone solutions.

With its complete IFRS solutions and components, FERNBACH puts its customers in the position to actively implement the requirements of the International Accounting Standards Board, both today and in the future.
Numerous functions which are used for IFRS accounting can also be used for future Basel II requirements. FERNBACH follows a single-source strategy according to which a function (for example, cash flow generation or ratio calculation) is always only developed once and then integrated wherever new requirements necessitate it use.

With FlexFinance® Basel II, FERNBACH will support all the requirements through an all-encompassing process model and comprehensive data view.
FERNBACH is a specialised provider of standard software for the financial services industry. The company offers a generation of products based on the latest state-of-the-art technology covering all areas of banking business, both on and off the balance sheet.

The FlexFinance® EVRM (Enterprise-wide Value and Risk Management) product line encompasses the management of the complete life cycle of products from processing to yield and risk analysis. FlexFinance® EVRM includes: FlexFinance® Accounting IFRS, FlexFinance® Basel II, FlexFinance® ALM, FlexFinance® Loan Factory and FlexFinance® Regulatory Reporting.

Founded in 1986, the FERNBACH group is located in Luxembourg, Frankfurt, Leipzig/Halle and Zurich. The products and integration expertise of FERNBACH have proven themselves over many years of successful implementation in renowned, major and private, internationally active banks with outstanding international reputations.

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