Rosbank, Part of the Societe Generale Group, Successfully Achieves IFRS 9 Compliance with Diasoft’s Support

Monday, April 15, 2019

Rosbank, part of the Societe Generale Group, has successfully overcome the challenges of the first reporting periods of 2019 after the new standards of accounting for financial instruments – IFRS 9 – came into effect on 1 January 2019. The project for transition to the new standard in the bank was supported by its technological partner Diasoft.
 
Within the scope of the project, Diasoft’s team had to ensure compliance of the bank’s money market operations with requirements of the new IFRS 9 standard. The two partners embarked on the project in August 2018.
 
“Diasoft prepared for transition to the new accounting standard during the whole year of 2018. Rosbank became one of our technological and methodological partners for development of our solution for support of IFRS 9. The bank was our first customer that proposed its methodological vision. This helped us to quickly define our approach to future projects and make necessary enhancements in our solutions. We are grateful to our colleagues for their active participation in the program for preparation for IFRS 9 and congratulate the team on the success of the project”, commented Kirill Zolotykh, Head of FA# Financial Markets at Diasoft.
 
To support compliance with the IFRS 9 requirements, Diasoft used a special product from its Diasoft FA# Beans Suite – Financial Assets and Liabilities. This tool was designed to insure interaction with other Diasoft products. With its flexible functionality, it allows configuring solutions for support of the new accounting standard based on specific features of different banks and helps to automatically calculate parameters in full compliance with IFRS 9.
 
“In the beginning of January, after successful end-of-day processing of the first trading days by the new accounting standard, it became clear that the bank was prepared for the new regulation. This became possible thanks to high commitment of the bank’s and Diasoft’s teams to the success of the project. It was a large-scale and labor-intensive project, and we are fully satisfied with its results”, said Galina Sukhareva, Deputy Head of Operations at Rosbank. 
 
Rosbank is not the only customer of Diasoft where the company supported implementation of the new regulatory requirement. In March 2019, Diasoft announced that it had completed the program for transition of its customer banks to IFRS 9. Within this program, the company had successfully prepared 51 banks for the new reporting standard.