FERNBACH-Software Holds Joint Seminar With Renowned Partners to Show Banks in Russia How IFRS Can Help Them Manage Banks
On 16 April 2010, FERNBACH-Software hosted an event on “How IFRS Can Help Manage Banks” in association with PricewaterhouseCoopers in central Moscow. The main focus of the event was on how output from IFRS can be used to strategically support and assist a bank’s decision making process.
Speakers included expert representatives from PwC, the EBRD (European Bank for Reconstruction and Development), IBS (the largest IT integrator/consultancy in Russia) and FERNBACH-Software. FERNBACH, PwC and IBS also made use of the seminar to present their joint best practice approach to financial software, consultancy and integration, respectively. A resounding success, the event attracted some of the largest banks in Russia including Alfa Bank, VTB and the Agricultural Bank of Russia and provided a worthwhile opportunity for networking.
Facing Challenges and Seizing Opportunities
The seminar began with Andy Tyler of the PwC Financial Advisory, giving a brief introduction on the importance of IFRS. This was followed by a presentation by PwC on how IFRS can aid bank managers in making decisions. The EBRD’s speaker then explained the importance of IFRS in relation to working with investors and what investors have come to expect. While it goes without saying that IFRS implementation can and should be used to improve internal controls and processes, the speakers emphasised that it also brings Russian banks closer to Western standards and can increase their access to foreign capital investment.
FERNBACH’s experts then took the floor to describe the challenges that Russian banks faced and advised them on the opportunities and advantages that present themselves when banks use a proper multi-GAAP accounting system. The final presentation on IFRS integration was given by IBS, who briefly explained some of the the technical details and other challenges inherent in integration.
The seminar ended with a Q&A session addressing the current challenges on the Russian market and the benefits of using a cutting-edge IFRS accounting system. Seminar participants displayed great interest in the current solution and approach, which is a promising sign for future collaboration and success.
