Thailand's BAAC to carry out Wolters Kluwer's OneSumX for IFRS 9

KUALA LUMPUR, July 16 -- Thailand’s Bank for Agriculture and Agricultural Cooperatives (BAAC) has selected Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) to provide software for helping to ensure compliance with International Financial Reporting Standard (IFRS) 9.

The bank will use OneSumX IFRS 9, a module of OneSumX for FRR, for managing its obligations around the accounting standard, according to a statement.

“We are delighted that BAAC has chosen to work with Wolters Kluwer FRR, which has a strong track record in helping financial institutions in Thailand manage the full range of their finance, risk and reporting obligations,” said Managing Director of Wolters Kluwer FRR, Asia-Pacific, Rainer Fuchsluger.

“We very much look forward to working with BAAC on the implementation of OneSumX IFRS 9, a holistic, end-to-end solution which will help it ensure compliance in the long-term.”

BAAC was established in 1966 to provide financial support to farmers, farmer associations and cooperatives – it is majority owned by the Thai Ministry of Finance.

OneSumX IFRS 9 offers a solid framework combining lifecycle information on each individual financial instrument with a comprehensive set of IFRS 9 calculators. The resulting numbers are recorded in a transparent, traceable, and auditable contract level IFRS subledger.

The solution supports regulatory disclosures from local supervisors globally and offers powerful reporting tools.

These features are supported by a data management framework that can capture and store relevant contractual information, manage events and transactions, store IFRS calculations, generate accounting and process the delivery of the disclosures.

YIP IN TSOI Co Ltd, will provide professional consulting and services for the BAAC implementation, working collaboratively with Wolters Kluwer.

Wolters Kluwer FRR, which is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions.

-- BERNAMA