The Swedish Export Credit Corporation (SEK) has opted for the Wolters Kluwer OneSumX solution for compliance with the International Financial Reporting Standards (IFRS) 9 implementation and reporting requirements.
The OneSumX IFRS solution addresses the specific methodologies and calculations for compliance with IFRS9, providing a framework for the accounting and disclosure requirements under the new standards. The solution is designed to be flexible, allowing it to be tailored to specific firms and situations.
IFRS9 is due to be implemented by all financial institutions by January 2018.
SEK already uses OneSumX for Financial Reporting requirements under the Capital Requirements Directive IV.
Kris Van Bavel, managing director for finance, risk and reporting in Europe, the Middle East and Africa at Wolters Kluwer, said: “Wolters Kluwer is delighted that SEK has extended its use of our market leading suite of products.”
He added: “IFRS9 will have a multi department impact, across finance, risk and compliance functions, and teams at all financial institutions should prepare to work collaboratively.”
“Our integrated modular solution will better enable firms to fulfil the complete IFRS9 requirements by the 2018 implementation date.”
