Abacus, Aestimatio sign agreement to provide IFRS-9 services in Pakistan
Abacus Consulting, a leading firm in transformation services, has entered into a strategic alliance with Aestimatio Analytics Inc. on an exclusive basis in Pakistan to provide end-to-end automated solution for estimating provisions under IFRS 9 for corporations, especially listed companies and financial institutions.
SECP has made IFRS 9 accounting standard mandatory for all listed companies for reporting periods ending on or after June 30, 2019.
“IFRS 9 is a paradigm shift from conventional provisioning methods of IAS 39, and Aestimatio-9 is the answer”, said Mr. Asad Ali Khan, President of Abacus. “Instead of the previous Incurred Loss method that resulted in delayed recognition of credit losses, IFRS 9 takes a completely forward-looking approach with Expected Credit Losses. This is a radical change that has posed challenges for auditors and corporations in countries all over the world who have adopted the standard. Aestimatio-9 will help Pakistani corporations in meeting this complex but mandatory requirement.”
Aestimatio 9 is a proprietary software developed by Aestimatio Analytics, a boutique advisory firm with operations in 18 countries, specializing in quantitative consulting, predictive analytics and risk estimation solutions.
Elaborating on the software, Dr. Muhammad Saleem, MD Aestimatio Analytics, said, “Aestimatio 9 is a fully automated user friendly software providing end-to-end solution for estimating Expected Credit Loss provisions under IFRS 9. It supports all major platforms and browsers and comes with extensive technical and conceptual support services.”
“We are very excited to join hands with Aestimatio Analytics", said Mr. Khan, "Through this strategic partnership we can now serve the corporate sector better and facilitate our clients in compliance with IFRS 9 through Aestimatio 9.”