With color management tool you can select icc-profile which defines target color space for saved photos are converted. You can also set rendering intent method which is used during conversion and usage of black point compensation. Selected icc-profile is embedded to the saved image. If you are not using icc-profile conversion original photo's icc-profile is embedded to the saved image.
PhotoEQ reads automatically original photo's embedded profile and uses it while images are presented on the display.
Color management uses 32 bits precision for processing and support v4 and v2 profiles.