FBK Grant Thornton Participates in All Banking Automation Forum 2017

Experts of FBK Grant Thornton and the Diasoft IT Company have talked about a multifaceted approach used for transition to new IFRS 9 at the Fourth International Forum “All Banking Automation 2017”.

According to Anastasia Terekhina, FBK Grant Thornton Senior Manager of the Department of Assurance and Advisory to Financial Institutions, transition to IFRS 9 will lead to significant changes in all aspects of operation. The new standard will affect not only risks, provisions and reporting, but also operating and financial accounting. Banks will have to reclassify their assets and develop new approaches to formation of provisions and estimation of their value.

“This is a complicated process which should be fully automated. The solution offered is a ready-to-use product which has already been tested. FBK has a wide experience in engagements on transition to IFRS, industry-specific accounting standards and XBRL, which makes it possible for us to identify potential risks associated with introduction of FLEXTERA Accounting Engine and support banks with minimum adjustment of current systems,” Natalia Tatarnikova (Diasoft) explained.

 Diasoft is one of the major Russian developers and suppliers of IT solutions for the financial sector recognized by international experts (Gartner, IDC, BIAN and others). Among the Company’s clients there are over 300 financial organisations, including 55 of the TOP 100 banks, 31 of the 68 banks with 100% foreign capital, leading investment, management and insurance companies, non-governmental pension funds and microfinance institutions.