LG CNS Finance

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Solution & Service

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Background

IFRS(International Financial Reporting Standards) is a principle-based set of accounting standards. Unlike the existing rule-based accounting standards, IFRS adopts consolidated financial statements, not separate financial statements, for accounting disclosure.

The new standard also requires companies to broaden their disclosures of assets and liabilities to include a range of possible fair-value measurements, such as intangible assets and investment in properties, and calls for accounting practice based on underlying economic substance of transactions.

The adoption of IFRS is expected to bring a tectonic shift in “business-as-usual”, with an enterprise wide impact on your IT systems and business processes. In order to minimize confusion, you need a reliable partner who can help you make a successful transition. With our considerable experience in building a reliable and proven system, LG CNS will lead a close communication with internal and external stakeholders and get your IT systems ready for IFRS.
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Our solution

In preparation for Korea’s full adoption of IFRS in 2011, LG CNS has built IFRS systems that cater to the unique business needs for various businesses.

Specialists from LG CNS configure specifications for application architecture and propose a direction for system design. They also perform an impact analysis on the existing systems from the implementation of IFRS requirements and propose alternatives.

For building a new system, we have grouped the system components into two, components for customizing and application common components, one of which is our internally developed Valuation System. LG CNS Valuation System has been utilized for building IFRS systems time and again, and proved effective for facilitating a speedy development.

Market presence

Since 2006, LG CNS successfully completed an IFRS transition service for 10 Korean and overseas financial institutions.

Project Name Client Project Detail Project Period
K-IFRS Credit Card System
Development Outsourcing
Citi Bank Korea
  • K-IFRS Credit Card System Development
2010.01 – 2010.07
Kyobo Securities K-IFRS Project Kyobo Securities
  • K-IFRS Credit Card System Development
2009.11 – 2010.04
LIG Property Insurance IFRS LIG Property Insurance
  • Valuation and Disclosure System Development and Implementation
  • Financial Accounting System Improvement
  • SAP CFM System Modification
2009.09 – 2010.06
Lotte Property Insurance IFRS
System
Lotte Insurance
  • S/W and Application Supply and Installation for IFRS System
  • Functionality Development, Testing and Deployment
2009.07 – 2010.03
Lotte Capital IFRS Lotte Insurance
  • IFRS System Implementation
2009.07 – 2010.02
Korea Life Insurance IFRS Hanwha S&C
  • Allowance for Bad Debts, and Disclosure Part Development
  • Legacy System Modification and Improvement
2009.06~ 2010.03
Daewoo Securities Derivatives
Valuation Adjustment System
Development
Daewoo Securities
  • Derivatives Valuation Adjustment System and
    Report
  • Interfacing with New Trading System and
    ERP System
2009.04~ 2010.01
Shinhan Investment Corp. IFRS
System and Payroll System
Development
Shinhan Investment
Corp
  • IFRS, Fixed Assets and Payroll Systems
    Development
2008.07~ 2009.10
IFRS System Implementation Shinhan Card
  • IFRS System Development to Support Finance, Accounting, Consolidation and Disclosure
2008.10~ 2009.09
IFRS System Development NFFC
  • IFRS System Development
IFRS Seminar (Japan) NTT Data
  • Cases of IFRS System Implementation in Korea
2011.02.25
IFRS Consulting for the NTT
Data Institute of Management
Consulting (Japan)
NTT Data
  • Consulting on Valuing Debt Obligations
2011.06 ~ 2011.09