Bloomberg

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.”

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