Bank Central Asia Selects IFRS Packaged Solution from FinArch
Bank Central Asia (BCA) has selected FinArch’s Financial Studio to become compliant with the upcoming Indonesian International Financial Reporting Standards (IFRS) requirements referred to locally as PSAK 50/55. BCA is the largest non-government commercial bank in Indonesia. The bank chose the FinArch solution after a rigorous evaluation process across all major vendors.
With Financial Studio BCA will implement a modular based solution that will manage IFRS/PSAK 50/55 from taking in the transactions, generating cash flows, calculating the IFRS valuation, generating the postings, and feeding the resulting entries back the main general ledger.
Roy Marsh, vice president Asia-Pacific at FinArch, said: “We, and our partner Anabatic Technologies, are delighted to confirm BCA as our first customer in Indonesia. With the validation of our IAS/IFRS templates by Ernst & Young earlier this year and BCA adding to our global list of IFRS customers, we have clearly confirmed our position in the market as a highly capable, trusted IAS/IFRS partner. We look forward to extending our customer base in Indonesia as banks respond to their PSAK 50/55 deadlines.”