Oracle Financial Services Analytical Applications and PwC have teamed up to offer technology, implementation and consulting solutions for financial institutions to comply with the International Accounting Standards Board’s new IFRS 9 and the Financial Accounting Standards Board’s proposed CECL (current expected credit loss) reporting standards.

Banks are expected to meet the IFRS 9 accounting standards by 2018. Oracle will contribute its software and analytical solutions, which provide pre-built rules, methods and reports; PwC will provide compliance consulting and implementation expertise.

“IFRS 9 implementation poses a significant challenge for financial institutions, and failure to manage it well can have a material impact on their bottom line,” said Sonny Singh, senior vice president and general manager of Oracle’s financial services global business unit in a statement. “By collaborating with PwC, we can provide our clients a comprehensive technological solution, as well as deep strategic insight.”

Ranica Arrowsmith

Technology editor for Accounting Today.