BP Finance selects Wall Street Systems for IAS compliance

BP Finance has become the first European corporate to start using the Wall Street Systems Hedge Compliance Module to cope with the demands of IAS 39, the hedge accounting legislation that came into force on January 1 2005. As part of its hedging strategy, BP Finance uses derivatives to manage the FX exposure for non-functional currency forecast revenue and capital expenditure transactions.

David Bright, BP Finance’s banking projects and systems manager, said: ?Due to the flexible nature of the system, the implementation required minimal bespoke enhancements ensuring that we were compliant with IAS 39 in advance of the January 1 deadline.