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BRI implements Wolters Kluwer Financial Services’ IFRS technology

Bank Rakyat Indonesia (BRI) has adopted Wolters Kluwer Financial Services’ IFRS technology, a financial risk management service to meet International Financial Reporting Standards (IFRS) and Indonesian accounting standards (PSAK 50, 55).

Commenting on the selection of a new risk management system, Bank Rakyat Indonesia director Achmad Baiquni said, "With the Wolters Kluwer Financial Services’ IFRS solution we can now successfully process more than seven million accounts in seven hours."

The new platform will also facilitate the calculation and reporting functionalities to cover the amortized cost and fair value accounting, effective interest rate, impairment assessments (collective and individual), hedge accounting related to cash flow, fair value and net investment in foreign currency.

The new system also covers hedge effectiveness testing models, which take into account both the balance sheet and off-balance sheet positions.

Combining both the economic view (IFRS standards) and statutory requirements such as local generally accepted accounting principles (GAAP), the new system enables financial institutions to review and report the same balance sheet positions captured from its data.

Wolters Kluwer Financial Services caters audit, risk and compliance solutions that assist financial firms to improve efficiency and effectiveness across their enterprise.

Bank Rakyat Indonesia (BRI), whose 2011 net income rose by 31.47% supported by loan growth, manages more than 8,000 branches across the country and serves nearly 40 million retail clients.