Another African bank can fulfil its obligations to implement parallel accounting in line with IAS 39

28.11.2016

FERNBACH is continuing to expand its customer base in Africa and has assisted another large bank in fulfilling the supervisory requirements.

About the bank

Owing to its continual expansion, its wide range of services and its high commitment to economic development in its own country, our customer has become a reference bank for the sectors:

  • Private and corporate customers
  • SMEs and large-scale enterprises
  • National and international institutions

The bank, whose accounting system was based on national regulations until now, is obliged to implement international accounting standards from 2018 and to prepare its statements in accordance with IFRS regulations. The valuations and entries were to be implemented in full compliance with IFRS within an event-driven, parallel accounting system. In addition to the regulatory obligations specified by the supervisory authorities, the bank also drew up functional and technical objectives.

About the project

FERNBACH was able to convince the bank of its technology and expert skills and to fulfil the functional and technical requirements in the project. This involved implementing a reliable automated process that ensured the highest degree of IFRS conformity and covered the entire IFRS accounting process chain. Pre-processing in the existing systems nor modifications in the upstream systems was necessary because the solution operates on raw deal data on the basis of individual deals. Valuation results as well as the deal and counterparty information are provided in various reporting data marts. The solution has multi-company and multi-currency capability. Reports are generated automatically and can be output in various formats.

However, a decisive factor for choosing FERNBACH was the condition that future requirements for IFRS standards will be satisfied.