Northern Trust Corporation (NTRS) revealed an enhanced reporting solution for the pension fund clients to fulfil the International Accounting Standard 19 (IAS19) requirements as stated under the International Financial Reporting Standards (IFRS).
IAS19 Requirements
IAS19 outlines the accounting requirements concerning employee benefits under the IFRS rules including wages and salaries, pensions, life insurance and other perquisites. For pension funds, in order to be clear about the nature and risk of the plan assets, the rules call for individual assessment of the fair value of these assets.
The regulations about providing fair valuation analysis of assets in the pension funds are becoming stringent, resulting in a complex process for the pension fund clients.
The Upgraded Solution
Northern Trust introduced a new advanced solution, which involves two additional reporting functions. These newly added functions will make the preparation of footnote disclosures for auditors during the annual review process easier. Also, information about market value reconciliation along with credit ratings data, industry indexes, and market capitalization will be provided.
These enhanced features will help pension fund clients in the collection and analysis of data associated with risk disclosures. Further, through a variety of regulatory reporting solutions, Northern Trust aims to provide transparency in its portfolios and assist clients in efficiently fulfilling their regulatory obligations.
Our Take
Northern Trust has been consistently focusing on finding better solutions for the regulatory developments to make the process easier for pension fund clients. Recently, it had announced an improved investment statement reporting solution for its Dutch pension fund clients. These efforts will help the company in expanding its client base, leading to higher profitability.
Some finance stocks worth considering include First NBC Bank Holding Company (NBCB), Fidelity Southern Corporation (LION) and Northrim Bancorp Inc. (NRIM).
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