IFRS 9 accounting software launched

KARACHI: Abacus Consulting, a leading firm in transformation services, has entered into a strategic alliance with Aestimatio Analytics Inc on an exclusive basis in Pakistan to provide end-to-end automated solution for estimating provisions under IFRS 9 for corporations, especially listed companies and financial institutions, a statement said on Monday.

The Securities and Exchange Commission of Pakistan (SECP) has made IFRS 9 accounting standard mandatory for all listed companies for reporting periods ending on or after June 30, 2019, it added.

“IFRS 9 is a paradigm shift from conventional provisioning methods of IAS 39, and Aestimatio-9 is the answer,” said Asad Ali Khan, president of Abacus.

“Instead of the previous incurred loss method that resulted in delayed recognition of credit losses, IFRS 9 takes a completely forward-looking approach with expected credit losses. This is a radical change that has posed challenges for auditors and corporations in countries all over the world who have adopted the standard. Aestimatio-9 will help Pakistani corporations in meeting this complex, but mandatory requirement.”

Aestimatio 9 is a proprietary software developed by Aestimatio Analytics, a boutique advisory firm with operations in 18 countries, specializing in quantitative consulting, predictive analytics and risk estimation solutions.