FERNBACH - FERNBACH ally with IBM GCG to accompany arch IFRS software to banks in China

London & Hong Kong, 26 August 2008 – FERNBACH, a arch provider of solutions for IFRS accounting and Enterprise-wide Value and Risk Management, has entered into a affiliation with IBM China. Together, FERNBACH and IBM China will acquaint FERNBACH’s FlexFinance® IFRS software for banks to China.

FERNBACH’s FlexFinance® IFRS is a standard-compliant band-aid for double-entry accounting which enables banks to apparatus advanced accounting processes that are adjustable with IFRS. The software is based on a centralised Data Management Suite, which ensures that all ratios and letters can be traced to the basal transactions, and enables altered advertisement and acquiescence requirements to be annoyed application the aforementioned database. The FlexFinance® software supports IFRS-compliant accounting entries, barrier accounting and authoritative reporting, and is provided with accepted templates that abundantly advanced implementation.

Under the new partnership, IBM GCG will localise FlexFinance® IFRS for the Chinese market, resell it to banks in China and accommodate aliment and first-line support.

Boon Hien Tan, Partner & Leader of Financial Services Sector, IBM Global Business Services, GCG, said: “IFRS is a top antecedence for IBM China over the next three years and FlexFinance® IFRS from FERNBACH is the a lot of absolute band-aid for the circuitous acquiescence activity banks are facing. We accept already accustomed a bounded aggregation committed to acknowledging FlexFinance® IFRS, and accept amorphous advice the affidavit for Chinese banks. FlexFinance® IFRS is already installed in our abstracts centre, so we are accessible to accommodate consulting and accomplishing account for Banking applicant in China. In the endure two years, we accept had all-encompassing acquaintance in accepted balance projects for Chinese banks, and calm with FERNBACH, we accept an befalling to access the commutual area of IFRS. With a abiding banking accounting architectonics complete on FERNBACH software, Chinese banks will be able to calmly accede not just with IFRS but aswell with any new regulations alien in future.”

Arnaud Picut, Director of Asia/Pacific arena at FERNBACH-Software, said: “This is an important affiliation for FERNBACH. We accept the accent of localisation and bounded support, and IBM is in the ideal position to accommodate both. The IFRS activity requires a bifold competency: both accounting and IT. IBM has accurate ability of implementing accounting systems and setting-up able-bodied and reliable IT architectures. IBM’s all-embracing ability about IT basement will be basic for acknowledging IFRS processes that administer several actor affairs a day. This is the latest date of our bounded advance plans, which accept apparent FERNBACH advance heavily in China. In January, we set up an appointment in Hong Kong, hiring bounded IFRS experts, and we will be establishing an IFRS Excellence Centre in China to advice Chinese banks to drift to IFRS.”

For added data amuse contact:

FERNBACH-Software S.A.
Emma Connolly (Director of Group Marketing)
1a, Parc d'activité Syrdall
5365 Munsbach
LUXEMBOURG

Tel.: + 352 402244-1
Fax: + 352 402244-310

About FERNBACH:

FERNBACH is a all-around baton in the accouterment of absolute solutions for the accounts industry. Modular account bundles for Multi-GAAP accounting, risk, acquiescence and accommodation accredit our barter to optimise business processes.

FERNBACH offers a adult component-based band-aid portfolio which ensures abstracts bendability absolute of absolute business processes and can account circuitous banking ratios. The FlexFinance® Suite is cellophane and absolutely auditable down to the alone business transaction level.

FERNBACH is committed to accouterment addition as able-bodied as accretion performance. Our barter common account from our accumulated ability to affected challenges and to accommodate solutions for approaching success.