SINGAPORE, July 16 (Bernama-BUSINESS WIRE) — 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. 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.