The accounting standard IFRS 9, published by the IASB, sets out the requirements for recognising and measuring financial assets and financial liabilities. The deadline for IFRS 9 compliance was 1 January 2018.
It has been a pleasure to work with Alfa throughout this important project. Alfa’s meticulous approach and their willingness to go the extra mile ensured we were compliant with IFRS9 and had processes in place before the implementation deadline, putting us in good stead to adapt to extra changes.
Helen Applegarth, Chief Information Officer, SGEF UK
How Alfa helped
Alfa Systems is a fundamental component of SGEF UK’s IT landscape. There was a requirement to update this core system, as well as specific operational processes, in order to reflect the new IFRS 9 obligations. We worked with SGEF to gather requirements, suggest suitable system changes, and assist with the analysis and redesign of Finance and Collections processes to ensure timely compliance.
Although IFRS 9 was the initial driver for this particular project, SGEF also wanted to take the opportunity to automate the system’s provisions processing features, and enhance Alfa’s accounting functionality to reduce unwelcome manual work required at the end of each reporting month. Over the course of the project, a team of Alfa consultants worked closely with SGEF, providing regulatory advice as well as technical design, development and implementation support.
This project was delivered in two phases, with the first completed in February 2017 and the second in December 2017, well within the required deadline. Through the implementation of new automation, SGEF benefited immediately from more robust and efficient processes for the Finance and Collections teams. Alfa continues to provide on-site support, responding to IFRS 9 queries as SGEF adjusts to the new processes following the successful go-live.