More than a third of banks in Germany have indicated dissatisfaction with the costs and efficiency of their International Financial Reporting Standards solutions, a poll has found. The research on Multi-GAAP Reporting, which focused on IFRS and Germany's law on modernising accounting, BilMoG, found that 36% of banks considered the costs of their current IFRS solutions to be too high, while 42% are not satisfied with the performance of their current programmes in generating IFRS-compliant accounting entries. In looking at which accounting standards financial institutions used to draw up their balance sheets, the researchers - the St Gallen University of Applied Sciences and business systems analysts Fernbach Software - also analysed the specific requirements and challenges expected in the next two years in terms of IFRS accounting. The most heavily criticised systems in the study pertained to solutions that deal with capturing hedges and structured products - those areas that are under especially critical supervision by regulators. According to the study, a majority of respondents are planning a new IFRS project for next year to compensate for the weaknesses of existing IFRS solutions.