New York, April 26, 2007 – Reval, a global leader in financial risk management solutions and services delivered under the Software-as-a-Service (SaaS) model, is pleased to announce the release of Version 7.0 of HedgeRx®. In this significant release, Reval launched its CICA 3865 module to address the stringent new derivative reporting requirements under Canadian GAAP.
As an established leader in hedge accounting under US GAAP (FAS 133) and IFRS (IAS 39) Reval continues its lead in this area with the addition of the CICA 3865 module for the Canadian market. Now Canadian companies can easily run the more complex effectiveness reporting requirements, including an automated regression feature, as the easier methods under the so called Short-cut rule and Critical Terms Match rule have fallen under scrutiny with the SEC and Big 4 accounting firms. The module also includes the CICA 3865 Doctor which is a step by step wizard to help form not only the proper hedging strategy and approach but also creates the at inception documentation.
"CICA 3865 is posing harder challenges to Canadian derivative users than FAS 133 first did for US GAAP followers in 2001 as the simplified methods under Short-Cut are essentially impossible to qualify for" said Jiro Okochi, CEO and Co-founder of Reval. "We are very excited to be able to assist Canadian clients with the proper system solution."
Version 7.0 marks the 25th successful consecutive version upgrade of HedgeRx, which unlike many client server systems is single version solution for all of its clients. All clients were able to simultaneously access the upgrade seamlessly and without conducting their own testing.
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