Bank Central Asia (BCA) has selected FinArch’s Financial Studio to become compliant with the upcoming Indonesian International Financial Reporting Standards (IFRS) requirements referred to locally as PSAK 50/55. BCA is the largest non-government commercial bank in Indonesia. The bank chose the FinArch solution after a rigorous evaluation process across all major vendors.
With Financial Studio BCA will implement a modular based solution that will manage IFRS/PSAK 50/55 from taking in the transactions, generating cash flows, calculating the IFRS valuation, generating the postings, and feeding the resulting entries back the main general ledger.
Roy Marsh, vice president Asia-Pacific at FinArch, said: “We, and our partner Anabatic Technologies, are delighted to confirm BCA as our first customer in Indonesia. With the validation of our IAS/IFRS templates by Ernst & Young earlier this year and BCA adding to our global list of IFRS customers, we have clearly confirmed our position in the market as a highly capable, trusted IAS/IFRS partner. We look forward to extending our customer base in Indonesia as banks respond to their PSAK 50/55 deadlines.”
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