FERNBACH - FERNBACH ally with PricewaterhouseCoopers Korea to authorize IFRS Centre of Excellence

Luxembourg, London & Seoul, 11 March 2008 – FERNBACH, a arch provider of solutions for IFRS accounting and Enterprise-wide Value and Risk Management, has entered into a affiliation with auditing aggregation SAMIL PricewaterhouseCoopers, the Korean affiliate close of PricewaterhouseCoopers. The affiliation involves the enactment of an IFRS Center of Excellence in Seoul, South Korea, to train, brainwash and adapt banks for IFRS compliance. The FERNBACH band-aid FlexFinance® IFRS has already been installed in the centermost and will be acclimated as a advertence point from which banks in the Asia/Pacific arena can validate their IFRS strategies.

In 2011, the acceptance of accounting practices in accordance with International Financial Reporting Standards (IFRS) will become binding in Korea. The standards-compliant FERNBACH band-aid FlexFinance® IFRS for double-entry accounting will accredit South Korean banking institutions to accomplish accurate and advanced accounting procedures and to acutely abate activity costs and risks acknowledgment to pre-defined templates and optimum transparency.

The primary ambition of the IFRS Excellence Centre is to abutment banks in adopting the new accounting accepted (IFRS). The clearing appear IFRS is a circuitous action acute all-embracing knowledge, ability and experience. The Centre of Excellence will abetment banks in Korea and the absolute Asia/Pacific arena to validate their IFRS strategies through book testing with absolute software, FlexFinance® IFRS, which is already abide in abundant sites about the apple including ICBC (Asia), Mizuho, Commerzbank, HSBC and NORD/LB amidst others.

This centre aswell focuses aloft training with a abundant accent on real-live situations. Experiences with abundant audience in Europe acutely approved a ability gap not addressed in the bazaar until now, amid abstract implementations and absolute hands-on experience. FlexFinance® IFRS is delivered with predefined templates which acquiesce case to bound analyze the binding abstracts and accordingly to ascertain a abstracts above ratio, which is invaluable abnormally if administering gap analyses.

Jae-Sik Kim, a accomplice of SAMIL PwC, said, “FlexFinance® IFRS provides us with the ideal mix amid an chip amalgamation which supports all capital appearance such as basin access to administration ample aggregate of data, artefact agreeable or automated bearing of acclaim and debit entries and aswell an absorbing account of predefined templates with are actual advantageous for optimising and accepting fast accomplishing for all projects.”

Arnaud Picut, Director of Asia/Pacific Region at FERNBACH-Software, said, “This IFRS Excellence Centre is the aggregation amid awful able consultants in accounting and our absolutely adjustable IFRS accounting generator. IFRS is a circuitous affair which requires added than just a package; it requires experts in assorted domains to complete the acceptance of IFRS. SAMIL PwC is able of carrying such assets during a project.”

For added data amuse contact:

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

Tel.: + 352 / 40 22 44 - 1
Fax: + 352 / 40 22 44 - 310

About FERNBACH:

FERNBACH has developed the band-aid alms FlexFinance®, which is based aloft a adult alignment alleged EVRM. EVRM is a eyes and a band-aid for the affiliation of accident management, accident and authoritative requirements, antithesis area advertisement and authoritative aural banking institutions.

The EVRM alignment is complete aloft a meta akin abstracts athenaeum which collects all abstracts from the cyberbanking and trading books and food this centrally while accompanying standardising and adorning the data. This centralised meta athenaeum of banking affairs guarantees individual adding of all banking ratios ensuring absolute alignment and adaptation so that the abstracts can be acclimated for purposes such as Basel II, IAS/IFRS (Multi-GAAP), Liquidity, Profitability, Regulatory Reporting, etc. The absolute action is cellophane and absolutely auditable as abnormally the abstracts can be traced aback to the accord level. This beat access aswell enables the case to cost-effectively apparatus new requirements as they action such as ICAAP.