TPG Software, a provider of software solutions for financial institutions, has released its investment and liability accounting solution, Portfolio Genius that provides compliance with new financial statement reporting standards and helps facilitate the transition to International Financial Reporting Standards (IFRS). Included in the release is the ability to run multi-book accounting, both with current accounting elections and hypothetical books.
Reportedly, the Portfolio Genius accounting solution, in addition to complying with the upcoming IFRS standards, also provides: an enterprise-wide reporting of a bank’s investments and liabilities across the entire holdings; a real-time analysis of position balances with drill-down capabilities; the ability to perform stress testing, as well as scenario analyses to identify issues; and the ability to hedge positions.
Slavek Rotkiewicz, president and chief technology officer at TPG Software, said: “Financial institutions will be required to demonstrate that their reporting is in compliance with IFRS, which may materially impact income statement and balance sheet reporting. TPG provides a solution to smooth that transition by running multi-book accounting to compare differences.”
