The challenges of implementing IFRS lie, on the one hand, in the limited time for realisation and, on the other, in the fact that the system environment should remain mostly unchanged and only modest project risks are to be taken. For this reason, the decision was in favour of tried and tested software which can also be accepted by the auditing company. IFRS-compliant accounting is to be set up in parallel to existing accounting (Local GAAP FER). The Basel II requirements have also been taken into consideration to use the synergy effects with regard to data quality and data processing.
A manual or Excel-based solution was not considered from the very beginning. The existing employ-ees would not have been able to cope with the monthly amount of work. In addition, potential sources of error would have been too numerous and the auditing company may not have accepted this solu-tion.
Other solutions were not considered in detail since they either did not cover all IFRS requirements or required enormous changes in the existing system environment which rendered an IFRS implementation within a few months impossible.
The decision was in favour of FERNBACH since it provides a reliable, tried and tested solution which is already in operation. The decisive factor was the comprehensive financial management architecture including a consistent approach for IFRS, Basel II, Controlling, Regulatory Reporting etc. Huge syn-ergy potentials between IFRS and the later Basel II project can be achieved in this way. FlexFinanceÂ® guarantees genuine parallel accounting (Local GAAP and IFRS). Besides compliance with auditing requirements, the excellent price performance ratio was an important factor in the decision of the bank.