The New Accounting and Financial Reporting System

Jakarta, 11 May 2010 – Anabatic Technologies and FinArch held an IFRS discussion panel on April 29th at the 2010 APCONEX, the biggest banking expo in Indonesia.

The policy set this year by Indonesian Central Bank has required all financial institutions in Indonesia to implement IAS 32/39 or known locally as PSAK 50/55. The issues and obstacle that comes with the policy were discussed at the event with panelists from Bank Central Asia, Bank Indonesia, and Indonesian Accountant Association. With 400 participants attending the discussion, the session is organised by Anabatic and FinArch along with the Indonesian Bankers Association.

Jeroen Van Doorsselaere, SME Expert IFRS/IAS at FinArch highlights the future and challenges for the banking sector along with their readiness in implementing the new system. “APCONEX opened doors at the footstep in a world of harmonization in the banking world. It is clear that banks in south east Asia will face challenging in meeting the existing requirements of adopting IAS (PSAK in Indonesia, FRS in Malaysia, TAS in Thailand).”

In addition to that are the lessons learned that the central bank of Indonesia will not allow any further delays in implementing the PSAK. In this case FinArch in partnership with Anabatic will provide the tools to accommodate this compliance.

“Questions from the audience exposes that the banks are not ready yet with implementing this rules set and understand that the impact is larger than expected. The regulators confirm that there will be an investment to be fully PSAK compliant but also indicate that this will be the key to open up and contribute in the international markets as well as to be more transparent to facilitate economical growth and have a follow up to recover or avoid the financial crisis in the Future.” Adds Jeroen.
FinArch's IFRS solution, part of its flagship Financial Studio, is a modular based and integrated solution that provides definition and triggering of all common banking events, associated IFRS accounting templates for identified business events, full multi-GAAP processing to respond to local, head office and IFRS books, complete audit trail for easy drill-back from an IFRS balance back to the originating postings and events, and integrated FinRep reporting. The Financial Studio accounting templates are organized into logical product families that facilitate a well-structured, gradual implementation. Accounting templates are available for all fixed income products, treasury, equities and other non-fixed income, derivatives, loans, deposits, mutual funds, and fee business. For completeness sake, it includes also support for all non-banking activities like building & facilities and human resources. Earlier in 2009, Ernst & Young validated FinArch’s IAS/IFRS templates, confirming once again the value of the solution.

Since its formation, Anabatic Technologies has aim to deliver solutions required by companies to compete in today′s digital economy. The necessity to revisit their business processes has never been higher. In the phase of these global challenges, Anabatic is at hand to assist you through the changes.

Still in its early years, we have grown to be one of the foremost IT companies in Indonesia, supported by our international alliances and trusted by companies. The comprehension about local business practices and culture make successful implementation on private to public sector and provide them with an integrated solutions on time and within budget. The confidence from our partners, including IBM, Cisco, Temenos and SAP has advanced Anabatic to become the preferred IT solution provider for major companies in Indonesia.

This great achievement is also made possible by the development of our employees. We believe human capital that stand with our corporate value is the key to any company′s survivability even in today′s technology dominated business. Therefore, we have set a high benchmark in our recruitment and sustain our employees skills and knowledge through continuous learning. When it′s time to re-examine and lead you through the transformation of your business process, we are ready to present you with a solution that is reliable, cost-effective and trustworthy.

PT. Anabatic Teknologi
Graha BIP 7th floor
Jl. Jend. Gatot Subroto Kav.23
Jakarta 12930
Indonesia

This release was published on openPR.