Microgen Accounting Hub (MAH) Enables CFOs to Be Confident in Delivering IFRS

LONDON and NEW YORK, NY, Apr 07 (MARKET WIRE) --
Microgen (LSE: MCGN) today announced that it has updated Version 2.5 of
its Microgen Accounting Hub (MAH) software to help financial institutions
face the transition to IFRS and the new regulations that have emerged in
the wake of the global financial crisis. The MAH product lifecycle
methodology enables a financial institution to move to IFRS with the
confidence that the entire organization can follow the agreed accounting
principles and policies set out by the institution and interpreted and
applied within the MAH Accounting Engine.

Among the new regulatory pressures that firms face are FAS 157 in the US
and the transition for US companies to IFRS accounting standards already
in place in the EU and other major markets. FAS 157 has introduced many
of the fair value accounting standards central to the IFRS philosophy.
IFRS, the deadline for adoption of which is currently December 2014 in US
and 2011 in Canada, puts the onus on financial institutions' executives
to accurately represent the fair value of assets and liabilities.

MAH Version 2.5 includes new IFRS templates for derivatives, secured
lending and borrowing, bonds, equities, mortgage products and insurance
policies to help simplify the transition to balance sheet valuation. MAH
also includes preconfigured accounting for IFRS designed around product
groupings and product lifecycle accounting events. This combination
enables institutions to simply extract data from any part of the
organization and map it into the defined accounting to generate
consistent IFRS accounting for insurance and banking products. In the
short term, MAH Version 2.5 can be used to implement delta accounting
from current GAAPs, giving firms the ability to create consistency during
the IFRS migration.

"Challenges lie in planning the move to IFRS at a time when, particularly
in the US, the final shape of the IFRS standards likely to be adopted is
not clear. However the move to an international standard is urgent and the
need for full transparency into the impact of financial assets on P&L is
critical for banks in vital need of capital and funding. Underlying this
is the complexity of managing the accounting for assets spread across a
financial institution within a myriad of systems" said Microgen COO David
Sherriff. "By providing a function rich, packaged, yet highly flexible and
configurable solution, the Microgen Accounting Hub can provide financial
institutions a head start in managing the coming wave of
transparency-driven regulation."

About Microgen

Founded in 1974 and listed on the LSE (MCGN) since 1983, Microgen is an
established leader in the delivery of software, solutions, consultancy,
and BPO services. The Group implements bespoke applications, product
software and multi-channel billing solutions for the world's largest
financial institutions, multi-national corporations and public sector
organisations.

The Group's portfolio of proven products and solutions, many of which are
based on its proprietary Microgen Aptitude technology, enables the
intelligent application of technology in a range of sectors including
banking, energy, asset & wealth management, commercial and the public
sectors.

The Group has offices in Fleet, London and Welwyn Garden City in the UK,
and international offices in the United States, South Africa, Poland, and
Guernsey. For more information, please visit www.microgen.com

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