Lebanon-based Bank of Beirut has deployed Wolters Kluwer’s OneSumX platform to achieve International Financial Reporting Standard (IFRS) 9 compliance.
The IFRS accounting standard, which came in to effect at the start of this year, replaced the IAS 39 standard. It addresses classification and measurement, impairment methodology and hedge accounting.
The OneSumX IFRS 9 platform will provide the bank with framework to capture and store all important contractual information, IFRS calculations, manage events and transactions, accounting generation and processing up to the delivery of the disclosures.
OneSumX IFRS 9 features a ‘cash-flow characteristic’ test for evaluating eligibility to measurement at amortised cost and pre-defined IFRS 9 classification business rules.
The platform also includes an amortised cost-calculation engine with built-in support for debt restructuring, below-market loans and a range of product lifetime events besides fair value measurement techniques.
The Wolters Kluwer solution was installed by MDSL SAL and its sister company and Wolters Kluwer regional partner Advanced Financial Solutions (AFS) which was supported by advisory services firm, True North Partners.
Bank of Beirut head of group risk management Antoun Samia said: “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).
“Wolters Kluwer, with its strong reputation in the field for IFRS 9 solutions was an evident choice for us. The implementation work with AFS and MDSL has been exemplary and we are now in a position to ensure ongoing compliance with the standard.”