Robert Richardson Managing Director of FXpress with more than 25 years of experiencein the area of treasury and foreign exchange risk management.
Robert Richardson Managing Director of FXpress with more than 25 years of experiencein the area of treasury and foreign exchange risk management.

FX System Solutions: Facilitating FAS 133/149 & IAS 39 Compliance

The implementation of FAS 133 and IAS 39 can be an onerous undertaking for a company. Robert Richardson shows us how the careful selection of a software system can ease that burden.

First Published: e-Forex Magazine 14 / Standards / April, 2004

Since the adoption of Financial Accounting Standard 133 by United States companies on or before January 1, 2001, software vendors have become increasingly adept at handling the complexities of the derivatives accounting regulations. Interpretations of the rules have been clarified by the various Derivative Implementation Group (DIG) pronouncements enabling consistent approaches to accounting issues. Business processes have been continually refined by the software industry based on analysis and client feedback. It’s fairly safe to say that after four or five years of software development, some treasury software offerings have matured to the point where they have become sophisticated, integral components of their clients’ accounting systems. While there are differences between FAS 133 (as amended by FAS 138 and later by FAS 149) and its European equivalent, IAS 39, most of the broad conceptual issues still pertain to each of the accounting standards.Initially, some companies used spreadsheets to...continued

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