The International Accounting Standards Board (IASB) IFRS 9 project, which replaces the IAS 39 standard, addresses classification and measurement, impairment methodology and hedge accounting. The implementation of the new full IFRS 9 standard will have a considerable impact not only on IT systems, but also on people, policies and procedures.
Our comprehensive and modular OneSumX IFRS 9 solution, provides the financial industry with a solid framework to capture and store all relevant contractual information, manage events and transactions, IFRS calculations, accounting generation and processing up to the delivery of the disclosures. OneSumX IFRS 9 supports:
The hedge accounting element of the regulation can be addressed using either IAS 39 or IFRS 9 principles, and our flexible solution enables both methods. If the IAS 39 option is chosen the following features are available:
If the adoption of IFRS 9 is chosen, principles for portfolio hedging are excluded and the software introduces the rebalancing concept on top of effectiveness calculation as an addition towards the hedge accounting module. The risk aspect which is of course closely related can be managed via dynamic hedging within the same application.