Bank Bukopin Selects FRSGlobal's IFRS Solution
Indonesian commercial bank Bank Bukopin has selected FRSGlobal’s International Financial Reporting Standards (IFRS) solution. The deal was signed in collaboration with associate partner PT Nexia Indonesia Advisory Services (PTNIAS) – a partnership that was formed as part of FRSGlobal’s commitment to the Indonesian market.
The FRSGlobal IFRS solution is made up of both RiskPro and RegPro elements. FRSGlobal’s RiskPro enables the classification of financial instruments and the calculation of the valuation using either fair value or amortised cost as appropriate. RiskPro also supports several methods for testing and estimating impairment as required by IAS 39 (or PSAK 55 in Indonesia). FRSGlobal’s RegPro uses ReportGenerator to produce standard IFRS report definitions with country adaptations, as well as ReportBuilder to build additional standardised reporting applications.
Tri Joko Prihanto, finance and planning director of Bank Bukopin, said: “As regulation continues to evolve, it is important that we have a process in place to keep up with the latest developments. We needed a trusted technology provider that we could rely on to give us peace of mind and with FRSGlobal’s combination of risk and regulatory solutions, domain expertise and proven track record, the choice was clear.”