DSTi Announces Australian-developed International Accounting Standard Solution
- 10 October, 2003 14:38
<p>Sydney, 10 October 2003 – DST International (DSTi) – the leader in business solutions for the investment management industry announced today that it’s UK Headquarters is working with a European-based Special Interest Group (SIG), made up with industry experts and their clients, in ensuring that its HiPortfolio/3 product – DSTi’s back office solution – will be able to allow their clients to comply with the proposed International Accounting Standards (IAS). The global compliance project for HiPortfolio/3 will be executed from the company’s specialist HiPortfolio/3 development team based at its Melbourne Development Centre.</p>
<p>The International Accounting Standards Board (IASB) has introduced new accounting standards for financial instruments, which affects the fund management industry and its clients. Whilst these are aimed at all companies, there are specific guidelines aimed at the fund management industry. To assist organisations make the transition in financial reporting to the new standards, companies will also follow the guidelines in the International Financial Reporting Standards (IFRS) that will go into effect at the end of 2004.</p>
<p>Ian Mathieson, Managing Director of DST International said, ‘This is yet again another major undertaking for the worldwide funds management sector – and one that we are able to solve with Australian expertise. Whilst IFRS doesn’t take effect until the end of 2004, accounting records need to be compliant from January 2004 in order to build the full twelve months historical data needed.</p>
<p>With such a short period of time for compliance we believe that our HiPortfolio/3 clients around the world will benefit from the soon to be released IFRS Conversion Module for HiPortfolio. With the addition of this single module to their investment system, HiPortfolio/3 clients only need to deal with the upcoming reporting changes once in their requirement to recreate historical data. This includes clients who have both global and local single and multi-site implementations,” he concluded.</p>
<p>Developed from DSTi’s Melbourne Development Centre, HiPortfolio/3 is a truly global solution with installations in over 30 countries. HiPortfolio/3, the most recent offering from the “Hi” product suite is made up of over 150 individual modules which are continually being expanded to meet the ever-increasing demands of today’s complex investment environment.</p>
<p>DSTi expects to make this product available to its HiPortfolio/3 clients during the first quarter of 2004.</p>
<p>About DST International (DSTi)
With 16 offices and over 1200 professionals to support its growing client base, DST International provides a unique and comprehensive range of investment management and work management software solutions and related services to over 600 clients in 55 countries.
<p>About DST Systems, Inc.
Our parent company, DST Systems, provides sophisticated information processing and computer software services and products that help clients improve productivity, increase efficiencies, and provide higher levels of customer service. DST is organized internationally into three operating segments: Financial Services, Customer Management, and Output Solutions. DST operates one of the most advanced data centres in the world, which provides information-processing services to support the products within each operating segment. These products are further enhanced through the integration of DST’s advanced technology and e-commerce solutions.</p>