Pandell Releases IFRS Ready O&G Financial Software & Services
Calgary, AB – (November 26, 2009) Pandell Technology Corporation, a pioneer of Software-as-a-Service (SaaS) solutions for the oil & gas and government sectors, announced today the release of JVNexus™ 3.12 and FANexus™ 6.0; two established financial software packages that now offer fundamental IFRS transition capabilities.
JVNexus and FANexus system upgrades are focused in the areas of data capture and reporting to meet IFRS requirements for capital asset componentization, impairment testing, and segregation of Evaluation & Exploration assets from the full-cost capital pools. Enhanced functionality includes the addition of new masterfiles, modified successful efforts functionality, and dual reporting capabilities to meet the requirements of CGAAP and IFRS compliant financial reporting for 2010.
Corresponding with these releases, Pandell hosted a series of IFRS seminars to provide information to its clients on IFRS changes. The sessions demonstrated system feature additions and changes, and recommended practices. Following the seminar, companies that have not yet established an IFRS plan were invited to engage Pandell’s IFRS Services Team for advice on establishing and implementing their IFRS Plan and embarking on an IFRS readiness strategy.
“Pandell has really stepped up to the plate in providing the software and services for IFRS,” says Steven Maudsley, Controller, Great Plains Exploration Inc. “It’s reassuring to know that Pandell will be able to provide the resources we need as we begin to navigate our way through these industry changes.”
“Our strategy continues to align our oil and gas products with business services that provide additional value for our clients,” says Greg Chudiak, Pandell’s President and CEO. “We’ve chosen to focus significant resources on IFRS because it’s an important area that will impact how a large number of E&P companies report their financial results.”
Both software versions will be made available to clients on Monday, November 30th, via client driven download from Pandell’s Customer Support Site (help.pandell.com). Updated software manuals and IFRS specific training/user notes will also be available.
Pandell is an industry leader in delivering Software-as-a-Service (SaaS) solutions to 500+ energy companies in Canada, the USA, and abroad. Our customers range from startups to major enterprises across energy sectors including oil & gas, pipelines, utilities, mining, and renewable energy. Our cloud-hosted product suite helps finance, land, and field operations run their business more effectively; while our enterprise division builds and manages large-scale web portal applications that facilitate work across organizations. Combining the strength of our industry experience, Lithium™ technology, and practical software subscription model, we are Crafting the Future of Energy Software.