FERNBACH, a provider of applications for IFRS accounting and Enterprise-wide Value & Risk Management, has won two new customers in Luxembourg, Germany’s second-largest bank and one of Europe’s major banks.
Erste Europische Pfandbrief und Kommunalkreditbank (EEPK) is a Luxembourg bank that specialises in public sector financing, and grants loans to states, countries, local authorities and institutions under public law that are headquartered within the European Monetary Union or within the Organisation for Economic Co-operation and Development (OECD).
Based upon deal-level parallel accounting, as opposed to generating balance adjustments from local GAAP to IFRS, FlexFinance IFRS offers banks and financial institutions investment security.
“IFRS-based valuation results and valuation approaches will characterise financial accounting, controlling, internal and regulatory reporting,” a member of FERNBACH’s management board said in a release. “On the basis of this data set, it provides transaction-oriented, parallel IFRS accounting. All data and results can always be compared or verified at accounting event level.”