Leading Swedish bank chooses SAS Institute
for IFRS 9
Swedbank will use software from SAS Institute in order to manage the impairment requirements – otherwise known as the expected loss model – set out in the new accounting standard IFRS 9, which is scheduled to come into effect in January 2018.
“SAS Institute’s solution for IFRS 9 allows for a fully transparent management of the entire process flow with full traceability, and it supports IFRS 9’s requirements for calculations, analyses and simulations,” says Sebastian Schattauer, SAS Institute’s Sales Director Financial Services.
Over 40 banks – from some of the world’s largest to smaller niche banks – have chosen SAS Institute as a software supplier and advisor for IFRS 9.
About IFRS 9:
IFRS 9 is a new accounting standard for reporting financial instruments, issued by IASB. IFRS 9 will replace the current IAS 39. IFRS 9 consists of several components, although possibly the most important part is how expected credit loss should be reported. This new standard addresses the criticism that came in the wake of the 2008-2009 financial crisis during which credit loss reporting was thought to be too little at too late a stage. The new standard stipulates that an expected loss arises for every financial asset that is valued at acquisition cost. The size of the loss depends on factors such as the history of the financial asset’s credit quality. The change in credit quality is assessed using a three-step model, creating substantial new demands on the banks’ data systems, risk analysts and work processes.
For more information please contact:
Sales Director Financial Services
Mobile: +46 (0)8-522 170 12