Software-as-a-Service (SaaS) provider Reval said that British Sky Broadcasting Group (BSkyB), the UK and Ireland home entertainment and communications company, is now live on Reval, with the ability to incorporate new accounting standards into its financial reporting.
“As we were looking to upgrade our legacy treasury system, we took the opportunity to review our manual processes and to incorporate the new IFRS13 requirements for credit value adjustments (CVA) into our financial reporting,” said Simon Morley, Group Treasurer at BSkyB.
“In addition to supporting the new standards, Reval´s SaaS total resource management (TRM) solution enables us to improve the efficiency in risk management processes, provide more accurate mark-to-market valuations and benefit from its integrated capabilities for hedge accounting. We are also planning to leverage Reval´s straight-through processing (STP) community to more effectively manage our money market fund investments.”
Nigel Sirett, managing director for Europe, the Middle East and Africa (EMEA) at Reval, added: “New regulations and accounting standards always add complexity to the treasury function. Trying to adapt simple tools with more manual workarounds increases operational risk and is extremely inefficient.”
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