FiNiCS is a software application that is developed by Protominds which enables one to comply with the regulatory requirements based on the latest Accounting Standards. It computes the fair value of different financial instruments like equity investments in unlisted entities, financial guarantees, Expected Credit Loss for short term receivables and for loan portfolios etc. The system computes the requisite numbers once the necessary input files are uploaded. As a registered valuer, it is truly an important companion for performing my valuation work especially for large financial institutions and my various other clients.
CA S. V. Mathangi,
M C Ranganathan & Co.
Membership No. 207228
15th June 2019
Accounting Standard: Ind AS 109 (Exact replica of IFRS 9)
Client: Several small and medium companies
Purpose: Expected Credit Loss of Loan portfolio, Receivables, Fair Value of Loan portfolio that is measured at Fair Value Through Other Comprehensive Income (FVOCI)
- Discounted cash flows using the Probability of Default and Loss Given Default discounted at the appropriate discount rate
- Transition matrix method