FERNBACH delivers robust IFRS-compliant Regulatory Reporting
Precise, reliable and audit-compliant IFRS accounting
ICBC (Asia) chose FERNBACH’s FlexFinance IFRS as the perfect product to rationalise their accounting processes and to fulfill the requirements of IFRS including valuation and reporting both consistently and in compliance with auditing requirements. After a long selection process, ICBC (Asia) chose FlexFinance IFRS due to the solid solution architecture that guarantees results that are precise, consistent and reproducible. The implementation of IFRS requires 50 percent less effort since no adaptation of existing IT systems or operative systems is required.
Industrial and Commercial Bank of China [ICBC] ICBC (Asia) is the sixth largest bank (in terms of total assets) among banks listed in Hong Kong. It is the flagship of the Hong Kong banking business of the Industrial and Commercial Bank of China, the largest commercial bank on mainland China (in terms of total assets) with over 100 million private clients and 8 million corporate clients, assets amounting to 67 billion dollars and more than 21,000 subsidiaries in China, 100 overseas branches and almost 1,000 correspondence banks. ICBC (Asia), which was founded in 1984, has its headquarters in Hong Kong, has full bank status and its shares are quoted on the Hong Kong stock exchange (stock code: 349). Essentially, the bank operates in both the banking sector and corporate client sector.
Initial situation – the challenge of IFRS
The International Financial Reporting Standards (IFRS) have become a global standard with currently more than 90 countries either requiring or permitting the use of IFRS instead of traditional local GAAP (Generally Accepted Accounting Principles) for their consolidated or individual financial statements. The new accounting requirements were also introduced in Hong Kong in 2005. Hence, on 16th June 2004, the HKMA (Hong Kong Monetary Authority at the Hong Kong Institute of Bankers) announced that they were going to conform fully to IFRS standards and that the application of these standards would have a subsequent dramatic effect on reporting methods of banks in Hong Kong.
