Significant Step in Innovating IFRS and Multi-GAAP Accounting
FlexFinance helps banks overcome the challenges inherent in combining national and international accounting standards. This has been confirmed time and again by various independent bodies.
FERNBACH Recognised for Innovative IFRS Solution
With its IFRS solution, FERNBACH has made significant innovations in both IFRS and Multi-GAAP Accounting.
The FlexFinance solutions from FERNBACH have won a number of innovation awards in Europe including the Banking & Finance ICT Innovation Awards for outstanding innovation in a software solution for the financial industry. One of the solutions to be recognised was, of course, FlexFinance IFRS. The contest’s main criteria were customer satisfaction and benefit, generation of competitive advantage, quality and methodology as well as timeliness on the market and the issue’s relevance.
According to Willem de Bock, one of the five contest judges, FERNBACH’s IFRS solution was selected because 'implementing the International Financial Reporting Standards has been seen as a negative return on investment by banks.' He then went on to emphasise the innovation and vision the company applied in developing its FlexFinance IFRS solution, citing cost reduction and its potential to have a positive impact on a bank’s performance. Due to the forward-looking approach of FERNBACH’s IFRS solution, the relevant expenditure is not only limited, it becomes an investment in the future and in the bank’s overall performance.
A visit to reference customer NORD/LB Luxembourg also showed that a project of this type can increase flexibility with regard to the integration of existing or new systems and lead to leaner personnel and IT infrastructures while simplifying and unifying the data set. The solution architecture, program quality and corresponding services help to minimise both the time involved and the project risks. Customers experience real added value as a result of the synergy effects that are created as the foundation for a Basel II-System is laid. The feedback the customer provided shows that even fulfilling a regulatory requirement can lead to a lasting competitive advantage if you choose an innovative and effective solution.
The Core of the Solution
A modern accounting generator that enables transaction-oriented accounting entries to be posted in parallel and in accordance with any accounting standards. FlexFinance is the only solution on the market today with a parallel, double-entry, business-event-driven financial accounting system.
The Accounting Generator uses multiple general ledgers to handle multi-GAAP, multi-company and multi-currency requirements. FlexFinance makes it easy for banks to manage parallel financial statements with different charts of accounts that can be created in various currencies for any number of business units preparing the balance sheet. All valuation elements are separately valued and posted. FlexFinance minimises the cost and effort involved in fulfilling national and international accounting standards in parallel. Minimal effort is therefore required for adding further GAAPs.
