Financial services group Old Mutual has rolled-out web-based reporting software across its business worldwide to...
consolidate data and help it meet the requirements of new financial reporting standards.
Old Mutual, a FTSE 100 company, will use software from Geac for an undisclosed sum to consolidate information for budgeting and reporting from eight subsidiaries and more than 100 business units.
The software product, Geac Performance Management, is accessed by a web browser and includes reporting, planning, budgeting, forecasting and consolidation functions.
The software will also handle cash flows, balance sheets, profit and loss, as well as off-balance sheet transactions and funds under management.
Simon Cordier, project manager at Old Mutual, said, "The Geac Performance Management solution will provide us with the ability to consolidate and disclose the necessary levels of detail required for segmental reporting for our business units.
"It also provides a platform to ensure that each unit can provide valuable, transparent management information to help ensure ongoing profitability."
Although international financial reporting standards do not come into force until 2005, companies need to record financial information this year under international reporting standards, alongside existing UK rules for comparison with 2005.
IT systems affected by the rule change include the treasury, general ledger, accounting and enterprise resource planning systems.
These systems will have to meet a range of new requirements, including providing more information to meet disclosure standards, measuring the value of assets and liabilities in different ways and adding new data fields to financial instruments such as bonds or derivatives.