GE Money Bank Czech Republic has selected FERNBACH, a provider of applications for IFRS compliance, multi-GAAP accounting and ICAAP, to streamline accounting in three parallel standards: IFRS, US GAAP and Czech GAAP.
The agreement covers these accounting requirements for GE’s five financial institutions in the Czech Republic.
The preconfigured FERNBACH tool, FlexFinance Accounting for parallel accounting, will provide GE Money Bank with a state-of-the-art system which adheres to such demanding accounting standards as IFRS.
In addition to IFRS, GE Money Bank Czech Republic will use FlexFinance Accounting to fulfil the requirements of both US GAAP and Czech GAAP accounting. All three accounting systems are based on a single data set, which minimises the time needed for automatic data import. The advantage of FlexFinance Accounting is that it uses raw data, which means that GE Money Bank does not have to adapt its existing systems.
L.D.