Posted on: February 23, 2022
London – February 2022 – Whistlebrook Limited, a leading vendor of specialist finance software to the financial services sector, today announced that the it’s Fee and Interest Income Recognition product (WBEIR®) has been awarded software accreditation by The Institute of Chartered Accountants in England & Wales ( ICAEW).
Founded in 1880, the ICAEW is a globally recognised accountancy body with over 189,000 members across the world with a long history of serving the public interest. They continue to work with governments, regulators and business leaders around the world. And, as an improvement regulator, supervise and monitor over 12,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.
The ICAEW Accreditation Scheme is the most widely recognised accreditation scheme in the UK for financial software and the completion of the rigorous assessment process affirms that WBEIR® fulfils the ICAEW’s stringent criteria for financial and accounting software. The Evaluation Report is available on the ICAEW website. WBEIR® is a unique product used by seventeen UK lending institutions that supports financial services businesses in conforming with the FRS102 & IFRS9 accounting standards on income recognition, and companies can get further comfort as the appropriateness of the WBEIR® accounting tool for their daily operations by downloading the full Evaluation Report from the ICAEW website.
The ICAEW’s independent software Accreditation Scheme requires all accounting software undergoing assessment to fulfil an extensive range of criteria, including the ability to provide key accounting functions, detailed audit trail and other facilities that ensure the completeness, accuracy and integrity of those functions and the businesses’ accounting data. The Accreditation Scheme also takes into account the ease of learning and usability, and the ability for users to tailor the system for their specific requirements as well as the quality of the support and maintenance provided by the software vendor.
“Whistlebrook is delighted that WBEIR® has been awarded an accreditation from the ICAEW, having met the key requirements for accounting software in the UK,” said David Webber, CEO, Whistlebrook. “Our existing and future customers and can now take further comfort that WBEIR® will provide the required functionality and flexibility to accurately calculate an fee and interest income recognition statements using a system that is flexible and easy-to-use.”
Craig McLellan , Relationship Manager, ICAEW Member Services, said: “I am delighted that Whistlebrook’s WBEIR® product has successfully gone through the ICAEW’s Accreditation Scheme. The accounting software satisfies all of the scheme’s key requirements.”
If you are a provider of ‘special terms’ lending products then having a proven tool with the ability to process monthly income recognition statements can give you and your auditors reassurance that the output is produced efficiently and accurately by removing concerns over errors arising from manual inputs on spreadsheets or inconsistently applied formulae.
WBEIR®, is a proven system, which not only helps to give peace of mind by improving accuracy but also removes the key person risk associated with spreadsheet models. Further, by providing the ability to create multiple ‘what if’ scenarios, users are easily produce and model future behaviour by being able to analyse the fee and interest income recognition over the lifetime of a loan. This is all backed up by rigorous audit, for a high performing tool that will improve the transparency and efficiency of the EIR calculation.
For more information about WBEIR®, please visit www.whistlebrook.co.uk/effective-interest-rates/