Bank of Beirut hits IFRS 9 goals with Wolters Kluwer
Bank of Beirut has implemented Wolters Kluwer’s OneSumX for its software for managing International Financial Reporting Standard (IFRS) 9.
The accounting standard replaces the IAS 39 standard and came into effect at the start of the year. It addresses classification and measurement, impairment methodology and hedge accounting.
“Bank of Beirut required a solution that could comprehensively manage its IFRS 9 requirements across the group’s operating jurisdictions (namely Lebanon, Oman, Cyprus and the UK and, at a later stage, Australia),” notes Antoun Samia, head of group risk management, at Bank of Beirut.
According to Wolters Kluwer’s, OneSumX IFRS 9 is a modular solution which provides the financial industry with a framework to capture and store all contractual information, manage events and transactions, IFRS calculations, accounting generation and processing up to the delivery of the disclosures.
The firm says this solution includes a “cash-flow characteristic” test to assess eligibility to measurement at amortized cost and pre-defined IFRS 9 classification business rules, as well as built-in support for debt restructuring, below-market loans and wide variety of product lifetime events.
The implementation of the software is part of the bank’s drive to achieve IFRS 9 compliance with a broad range of regulatory requirements across many jurisdictions and other financial reporting obligations.
Local system integrator MDSL SAL and Wolters Kluwer’s regional partner, Advanced Financial Solutions (AFS), implemented OneSumX at Bank of Beirut. The project was supported by advisory firm True North Partners.