The Bank of Beirut has implemented Wolters Kluwer’s OneSumX to provide its software for managing the International Financial Reporting Standard (IFRS) 9.
The accounting standard replaces the IAS 39 standard and came into effect at the start of the year. It addresses classification and measurement, impairment methodology and hedge accounting.
OneSumX IFRS 9 is a modular solution, which provides the financial industry with a framework to capture and store all relevant contractual information, manage events and transactions, IFRS calculations, accounting generation and processing up to the delivery of the disclosures.
It also includes an amortised cost-calculation engine with built-in support for debt restructuring, below-market loans and a variety of product lifetime events, as well as fair value measurement techniques.
According to Wolters Kluwer, the implementation of the software is part of the Bank of Beirut’s drive to achieve IFRS 9 compliance with a broad range of regulatory requirements across many jurisdictions and other financial reporting obligations.
MDSL SAL, its sister company and Wolters Kluwer regional partner, Advanced Financial Solutions (AFS), implemented the Wolters Kluwer solution, supported by advisory services firm, True North Partners.
Antoun Samia, head of group risk management at Bank of Beirut, said: “Bank of Beirut required a solution that could comprehensively manage its IFRS 9 requirements across the group’s operating jurisdictions—namely Lebanon, Oman, Cyprus and the United Kingdom and, at a later stage, Australia.”
He added: “Wolters Kluwer, with its strong reputation in the field for IFRS 9 solutions was an evident choice for us. The implementation work with AFS and MDSL has been exemplary and we are now in a position to ensure ongoing compliance with the standard.”
