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Description: FineIT offers Estimator 9, a comprehensive end-to-end IFRS 9 software solution in Pakistan for accurate ECL provision estimation under current regulations.
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Post 2008 financial crisis, regulators around the world realized that history based accounting standards can be extremely misleading and a paradigm shift in accounting methodologies is needed. So, in July 2014, IASB issued IFRS 9 standard which replaced existing IAS 39 provisioning method. The IASB stated that the IAS 39 incurred cost method leads to delayed recognition of credit losses, thus a forward looking approach is being introduced.
IFRS 9 became effective worldwide on Jan 2018 and has since then posed huge challenges for accounting firms, auditors and corporations. Our strategies includes:
ERP software is a suite of solutions that leverage a centralized database to automate and optimize routine business processes and link various departments together in a centralized location such as accounting, HR, manufacturing, PLM, distribution and construction, to name a few.