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References

  • International Financial Reporting Standards(IFRS) System for Korea Exchange Bank
    By introducing IFRS to follow current trend of international accounting standard settlement as a global standard, we made a foundation to enhance reliability of accounting information via secured international compliance of accounting principles and to ensure consistent growth for a global network bank.

Service Offering

- Allowance for bad debts: Calculate allowance for bad debt for individual/pool evaluation targets
- Cash Flow: Calculate cash flow, effective interest rate and current value
- Fair Value: Adjust Bid-Ask and Credit Valuation
- HET: Test hedge effectiveness (hedge accounting)
- LOC/F offset: Calculate deferred charge by account, estimate expected maturity and calculate deferred charge offset
- Consolidation: Manage basic data for consolidation with functions of completion and report of consolidation balance sheet

How We Helped

- Business System Modification: With reflection of IFRS requirements such as profit recognition, security/derivations and allowance for bad debts on bank, overseas and card businesses, the system is modified.
'- IFRS Valuation establishment : Fair Value system, HET system, IL allowance for bad debt system, LOC/F offset system, finance guarantee contract management system and DCF system are newly established individually.
'- IFRS Consolidation establishment: Consolidation system, internal transaction system, SPE management system, integrated CoA management system and footnote disclosure system are newly established individually.
'- IFRS finance accounting system establishment: IFRS general ledger system of bank, card and overseas businesses are newly established and integrated management of bank and card systems and modified card GL are provided.
'- Information System modification: Following modification of bank, overseas and card business systems, DW and RDW system are modified.
'- Common establishment of IFRS system: IFRS data mart is newly established and data quality assurance system is also established.

Differentiated Service for Customer

The IFRS system establishment contributes to achieving reliability of national and international investors by providing transparent finance information. Also subject to characteristics of Korea Exchange Bank, it can apply IFRS as well as calculate accounting standards of local and Korea (K-GAAP) for 34 overseas offices in 15 countries, which contributes to enhancement of efficiency in completing consolidation balance sheet of headquarters and overseas offices.

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