SME Development Bank Malaysia Berhad has selected Wolters Kluwer’s OneSumX to manage its International Financial Reporting Standard (IFRS) 9.
The new accounting standard, which has replaced the International Accounting Standard 39, came into effect at the beginning of this year to address classification and measurement, impairment methodology and hedge accounting.
OneSumX provides the financial industry with a framework to store all relevant contractual information, manage events and transactions, IFRS calculations, accounting generation and processing up to the delivery of the disclosures.
Shahazana Shaari, head of group information technology at the SME Development Bank Malaysia, said: “Due to the 2018 IFRS 9 deadline it was necessary for the bank to select a vendor that could provide us with the best solution and system implementation in the fastest time possible.”
