Pioneer Solutions LLC is pleased to announce that Laclede Energy Resources, Inc. (LER) has successfully completed the initial phase of implementation on FARRMS FASTracker. The FASTracker software product is being used by LER to manage its derivative accounting processes and FAS 133 compliance. LER plans to use the FASTracker product initially as a stand-alone module for FAS 133 compliance. Secondary phases of the FASTracker rollout will integrate the product with LER’s trading and risk management systems.
FASTracker provides an integrated hedge accounting software package designed to conform to FAS 133 and IAS 39 accounting standards. FASTracker automates end-to-end hedge accounting processes from documenting accounting policy and hedging relationships to generating journal entries. FASTracker supports both Hedge and MTM accounting and netting of assets and liabilities.
St. Louis-based Laclede Energy Resources, a wholly owned subsidiary of The Laclede Group, Inc., provides its customers in the Midwest and Eastern U.S. with another choice of unregulated natural gas suppliers. LER offers its industrial and commercial businesses, natural gas utilities, and other wholesale and retail customers a variety of flexible pricing alternatives and energy management services.
“The FASTracker product has streamlined our derivative accounting process and the folks at Pioneer Solutions were a pleasure to work with,” said Scott Jaskowiak, LER’s vice president and general manager. “We are pleased that this software package will meet our current requirements and prepare us for future FASB rule changes.”