Thanachart Bank automates IFRS to comply with IAS 39 better

BANGKOK: Thailand financial institution, Thanachart Bank, has selected a IFRS solution from Wolters Kluwer Financial Services in order to comply with the Bank of Thailand's requirements for international accounting standards, IAS 39 through an automated and certified system.

Upon implementation of the solution, Thanachart Bank will benefit from a fully automated process which will apply specific IFRS calculations (amortized cost, impairment), run IFRS-GAAP ledger, whilst reducing costs through the adaption into a single system. After a thorough selection process, in which several vendors were assessed, Wolters Kluwer Financial Services' solution - which was officially recognized by Chartis Research as leading provider of IFRS technology solutions in 2012 - was selected by Thanachart Bank due to its demonstrable understanding and expertise of the Bank of Thailand IAS 39 requirements, as per what the organisation stated.

"We decided to implement the Wolters Kluwer Financial Services' IFRS solution to achieve compliance with IAS 39, from transaction to disclosure," said Kh. Anuwat Luengtawekul, executive vice president of Finance at Thanachart Bank Public Company Limited. "Wolters Kluwer Financial Services was the vendor of choice because they provide more than just a package solution. Through a clear understanding of the local compliance requirements and a strong commitment to the region, their certified solution provides the most comprehensive offering to Thanachart Bank."

Expected business benefits are: reduced manual interventions and operational risk; accelerated IFRS implementation and reduced costs; faster closing and disclosures to regulators, groups and markets; streamlined and consolidated accounting processes through a single system and instantaneous drill-back functions provide a transparent audit trail.