Our comprehensive solution can assist you in implementing IFRS in a solid, fully compliant and transparent way while reducing complexity and operational costs.
The accounting world is being fundamentally transformed by the implementation of International Financial Reporting Standards (IFRS). These constantly evolving rules are being rolled out in many jurisdictions throughout the world, making IFRS the global benchmark. Yet despite the clear advantage that such standards deliver, they have also introduced new working practices and created new layers of complexity within accountancy, which present challenges to the financial services industry.
Summix comprehensively addresses the specific methodologies and calculations of IFRS, particularly fair value and amortized cost, impairment and hedge accounting which are continuously evolving. The solution's modularity and flexibility enable firms to benefit from certified off-the-shelf functionality which can be tailored to deliver the most effective implementation for their specific situation.
By collating and standardizing the data, firms can calculate the values as per IFRS measurements and automate the classification through flexible business rules. Significant cost savings can also be garnered, as you do not have to make changes to systems that supply data. Our solution can work out IFRS impairment, hedging and other specific calculations, along with their often complex and sometimes retro-active impacts.
The IFRS and local GAAP compliant Chart of Accounts within our solution, together with the IFRS accounting schemes, allow reconciliation and clear justification of any differences between GAAPs for management and audit, and shorten implementation time without impacting reliability.
Our IFRS solution features: