ICBC Asia to use Fernbach Software to comply with IFRS

Industrial and Commercial Bank China (ICBC) Asia has purchased Fernbach Software’s FlexFinance software to fulfil the bank’s international financial reporting standards (IFRS) requirements.

ICBC, which is the sixth biggest bank in terms of total assets listed in Hong Kong, will use the Flex Finance software to manage IFRS requirements such as cashflow generation, effectiveness testing, calculations, posting and reporting.

At present, rules governing the amount banks have to disclose vary according to jurisdiction. Changes to accounting rule IFRS 7, which will become effective for annual periods beginning next January, will for the first time require financial institutions operating in most jurisdictions to disclose internal qualitative and quantitative information about risk exposures.