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State Street enhances PAM platform to enable client compliance with IFRS 9

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State Street Corporation has introduced enhancements to PAM for Investments, its accounting and management platform, to help clients comply with the International Accounting Standard Board’s IFRS 9 (the Financial Instruments mandate), which replaces IAS 39 and goes into effect January 2018. 

This new standard, which impacts all entities with financial instruments on the balance sheet regulated under IFRS, fundamentally changes how financial assets are accounted for, including how instruments are classified and measured, and how they are impaired.

“While this regulatory change will provide high-quality accounting standards, it can be daunting, given its potential to impact all aspects of our clients’ business,” says Ivan Matviak (pictured), head of State Street Global Exchange North America. “PAM is a comprehensive, global accounting solution that enables clients to run their books under both IAS 39 and IFRS 9 and therefore to see results pre-and post-implementation, in parallel, one full year before compliance is required. We’re pleased to offer it to our clients to help them more easily navigate this transition.”

An IFRS 9 advisory committee comprised of the PAM platform’s market leading client base and Product Management group, reviewed system requirements and design, and collaborated in bi-weekly demonstrations allowing for client input. This collaborative approach helped incorporate real-time feedback into the design and delivery of State Street’s new platform, and a superior solution for accounting under IFRS 9.

“We welcomed the opportunity to participate in the Advisory Committee for the development of IFRS 9 functionality on PAM, as we believe client participation leads to an even better solution,” says Matt McCoy, investment accounting manager, Transamerica Life Insurance Company. “Changes in regulatory standards can have significant impacts on business operations and the early collaboration among the Advisory Committee members was critical in developing the best possible platform."

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