Pioneer Solutions LLC is pleased to announce that energy company Eneco has successfully implemented FARRMS FASTracker software product to manage its Derivative Accounting processes. Eneco will use the FASTracker software for hedge documentation, hedge effectiveness testing, hedge effectiveness measurement, preparing accounting entries and disclosure information.
FASTracker provides a comprehensive solution that automates end-to-end Derivative accounting and management processes from documentation of accounting strategy and hedges to preparing automatic accounting entries. FASTracker supports FAS133 and IAS39 accounting standards supporting complex energy and commodity portfolios. The software provides an integrated platform for derivative and fair value accounting and disclosure. FASTracker is powered by Financial and Regulatory Risk Management System (FARRMS) that provides a leading edge integrated platform for mitigating financial and regulatory risks.
Rotterdam-based Eneco, one of the largest energy companies in the Netherlands serving millions of business and residential customers, has a complex energy and commodity portfolio making Derivative Accounting process equally complex and challenging in order to adhere to IAS39 and IFRS standards. FASTracker seamlessly integrates with Eneco’s transaction system and automates derivative accounting processes.
"IAS39 is a relatively new accounting standard and implementing a system to automate derivative accounting processes certainly shows our commitment," said Guido Dubbeld, managing director of Eneco Energy Trade. "We are pleased that most of our requirements for managing the Derivative Accounting were met with this software package."