View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
November 23, 2005

FlexFinance delivers IFRS-compliant accounting solution to Essen Hyp

German mortgage lender Hypothekenbank in Essen AG (Essen Hyp), has chosen FlexFinance, a Fernbach-Software product to accommodate international financial reporting standards into its information technology accounting practices.

By CBR Staff Writer

Boasting assets of approximately E87 billion, Essen Hyp is one of the leading mortgage banks in Germany, having the competitive advantage for both public- sector lending and mortgage lending.

Statutory requirements for European banks were introduced at the beginning of 2005, and account for the considerable changes that accounting practices have undergone over the last year. Binding all EU companies listed on the stock exchange, the international financial reporting standards (IFRS) initiative is gaining increasing acceptance a financial industry standard.

Essen Hyp required an effective solution that could streamline all financial processes and significantly shorten close times. FlexFinance, Fernbach’s award-winning solution, will fully automate the entire process eliminating tedious manual tasks and offering increased accuracy.

Using an internet browser integrated within FlexFinance IFRS, Essen Hyp will have instant and fully transparent access to the balance sheet and P&L accounts, while also being able to track the entire audit trail by utilizing the strength of the drill-down functionality. For individual reports FlexFinance IFRS offers a centralized DataMart containing consolidated IFRS data from the banks differing data sources which offers the possibility of highly flexible and in-depth analysis as required.

After evaluating the choices available on the market we choose Fernbach’s FlexFinance IFRS solution as this product works on the basis of deal-level parallel accounting and therefore offers a high degree of investment security when implementing IFRS, said Norbert Boddenberg, executive vice president and head of the accounting and taxes department of Essen Hyp.

FlexFinance IFRS is composed of a data management suite, calculation kernel, hedge manager and an accounting generator all of which facilitate fast and efficient processing. The combination of these IFRS-compliant components promises to deliver the smooth flow of work through accounting systems.

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.