SINGAPORE, Jan 29 (Bernama-BUSINESS WIRE) — Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank) has chosen Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business 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 which is set to be implemented in Vietnam in 2023.
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 across the globe 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 up to the delivery of the disclosures.