New Financial Reporting Standards for Egypt’s Banks

Review of egabi Solutions’ and Oracle Middle East's joint partner event on the new financial reporting standards in Cairo, Egypt.

On 02 February 2010, egabi Solutions and Oracle Middle East organised a seminar in Cairo on the new financial reporting standards, which are very close to the international standard IFRS. Various representatives from the Cairo banks accepted the invitation and had interesting discussions after the presentation. The seminar mainly covered the challenges Egyptian banks are confronted with regarding the fulfilment of the new GAAP, project plans for meeting the deadlines defined by the Central Bank of Egypt and the FlexFinance Accounting solution from FERNBACH.

After a brief introduction, Oracle presented its solutions in the area of financial accounting. egabi Solutions described its position in the Egyptian banking industry. FERNBACH, who was invited as a guest speaker, held presentations on the company, the accounting & reporting engine and gave a live demonstration of its solution which accounted for a major part of the seminar. The software ‘New Egypt Financial Reporting’ was developed in cooperation with egabi Solutions and is very similar to IFRS as adopted in many countries. It provides the following benefits:

• Off-the-shelf IFRS compliance that meets CBE requirements today and in future
• Best practice guidance for achieving IFRS compliance gained from international IFRS projects
• Integrated, unified architecture for IFRS accounting, profitability reporting, Basel II and Basel III
• egabi Solutions’ expertise with Egyptian banks’ specific business and IT requirements
• Proven IFRS architecture based on more than 20 years of partnership with Oracle