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Savvysoft Upgrades STARS Accounting, Now Capable Of Generating Journal Entries And Hedge Documentation

New version supports every step in the hedge accounting life-cycle

New York -- June 15, 2008 -- Savvysoft, the award-winning derivatives analytics provider, announced today the release of the newest version of STARS Accounting, which deals with hedge accounting for FAS 133, IAS 39 and CICA 3638. Major enhancements to this version include the generation of all journal entries, including OCI, as well as the automatic generation of hedge documentation. Combined with the existing capabilities of hedge designation and hedge effectiveness testing, STARS Accounting is able to deal with every aspect of hedge accounting.

Journal entries

Journal entries can be created for any current or prior period, for both fair value hedges and cash flows hedges. Proper changes to OCI are recorded, and if there is a de-designation the reason may be given which allows for the proper journal entries to be generated. The journal entries may be exported to the G/L system via text files, and may also be aggregated by account if desired.

Hedge documentation

Hedge documentation is as easy to create as a word processing document. The user can create paragraphs with embedded field names from their database, which will be merged into the document when it is printed. Thus, any aspect of the hedged item or the derivative (such as maturity, fixed rate, counterparty, etc.), or the hedge relationship itself (whether the test is regression or dollar offset, how often the test is performed, the number of data points used, etc.) can appear in the documentation.

STARS Accounting already features completely flexible hedge designation (one to one, one to many and many to many, along with partial hedges such as half of the trade, or one component of a trade such as the option to cancel), and automated hedge effectiveness testing. With these features, and those of the new version, STARS Accounting meets the complete reporting requirements for every institution that follows the hedge accounting standards of FAS 133, IAS 39 and CICA 3638.

The new version of STARS Accounting is available now. It can be run in-house, or as an ASP on Savvysoft’s servers or a client’s servers.

About Savvysoft

Savvysoft, a New York City-based provider of high-caliber OTC derivatives analytics, and portfolio and risk management systems, has been named the #1 ranked Derivatives Analytics vendor four years in a row by Risk Magazine. Savvysoft’s products handle OTC derivatives in every traded market, and are used by thousands of institutions in 15 countries worldwide. These institutions include top-tier banks, dealers, brokers, money managers, energy suppliers, corporate treasurers, auditors and consultants. Savvysoft was founded by Rich Tanenbaum, the head of Derivatives Research at Bankers Trust (now Deutsche Bank). Rich was a founding member of the first OTC derivatives desk on Wall Street at Bankers Trust.

All product names referenced herein are trademarks of their respective companies.

Contact: LeeAnn Chen (212) 742-8677 leeann@savvysoft.com


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