Join us on December 16th for our LIVE 60 minute demo of our leading IFRS 17 accounting solution – IFRS 17 Comply. The demo provides a high-level snapshot of the base-line functionality including how data is brought in, how the IFRS 17 calculations are performed, how accounting transactions are generated and the relevant disclosures and other reports are produced.
IFRS 17 is one of the biggest regulatory challenges to impact on Life Insurers for some time and under the Standard Life Insurers will need to change how they report their liabilities and profit. Perhaps though, the most radical change is way in which profit is recognised over time due to the introduction of the CSM, which is effect a deferred profits mechanism. Consequently IFRS 17 will affect the balance sheet and other key reporting metrics of insurers . Life Insurers will adopt the GMM measurement model (and VFA model if they have participating business) and under both models new actuarial models, IFRS 17 calculations new accounting and reporting practices will have to be introduced. Importantly a new level of granularity is needed for the calculations and the Disclosures.
Aptitude Software has been implementing GMM and VFA projects for life insurers globally since 2018 and we have gained significant insight in the challenges and issues. Our new IFRS Comply offering incorporates not only the requirements of the Standard but also our project learnings and provides life insurers a clear path to a rapid and compliant IFRS 17 implementation project.
Can’t make this one – click below to register for one of the next live IFRS 17 Comply demos.