Financial Architects (FinArch), a global provider of integrated risk and finance management solutions, has announced that Indonesia-based Bank Central Asia (BCA) has selected its Financial Studio to become compliant with the upcoming Indonesian IFRS (International Financial Reporting Standards) requirements referred to locally as PSAK 50/55.
With Financial Studio BCA will implement a modular based solution that will manage IFRS/PSAK 50/55 from taking in the transactions, generating cash flows, calculating the IFRS valuation, generating the postings and feeding the resulting entries back the main GL.
FinArch’s IFRS solution, part of its Financial Studio, is a modular based and integrated solution that provides definition and triggering of all common banking events, associated IFRS accounting templates for identified business events, full multi-GAAP processing to respond to local, head office and IFRS books, complete audit trail for drill-back from an IFRS balance back to the originating postings and events, and integrated FinRep reporting.
The Financial Studio accounting templates are organised into logical product families that facilitate a structured, gradual implementation. Moreover, accounting templates are available for all fixed income products, treasury, equities and other non-fixed income, derivatives, loans, deposits, mutual funds, and fee business. It includes also support for all non-banking activities like building & facilities and human resources.
Coupled with risk and capital management, and MIS functionality, including Basel II, RAROC and economic capital, Financial Studio delivers integrated regulatory reporting for CoREP, FinREP and local regulatory reporting functionality for over 12 countries ‘out of the box’.
Roy Marsh, VP of Asia Pacific at FinArch said: “We and our partner Anabatic Technologies, are delighted to confirm BCA as our first customer in Indonesia. We look forward to extending our customer base in Indonesia as banks respond to their PSAK 50/55 deadlines.”
