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The changes stemming from FASB's, ‘Targeted Improvements to the Accounting for Long Duration Contracts,’ will challenge the CFO. But the standard also presents a compelling opportunity.

What is LDTI?

LDTI is FASB’s update to Topic 944 and impacts insurance entities that issue Long Duration contracts including Term Life, Universal life type contracts, Traditional Whole Life, and Limited Payment contracts to name a few. It is viewed as the biggest overhaul in FASB accounting in several decades. After a one-year deferral, LDTI is set to go into effect for fiscal years beginning after 12/15/21 for public companies. All others will have an extra year.

For many insurers, the core requirements of LDTI will highlight the lack of investment in and flexibility of finance systems that have been in place over the last few decades.

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What does LDTI mean to the CFO?

Much of the LDTI standard relates to the required changes in the actuarial models used by insurers. However, there are several aspects of the standard that will significantly impact the finance and accounting department, including the additional detail required for disclosures and the need for controls and traceability.

In this article, we outline the challenges that will significantly impact the CFO.

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The business benefits of using a subledger approach for LDTI

LDTI presents significant changes to the way companies value their obligations and is set to go into effect on January 1, 2023 for most public filers. Insurers are taking the time to consider how a compliance solution can also result in measurable benefits across finance and accounting – and finding renewed value in a subledger solution.

Discover how a subledger approach enables compliance and drives higher ROI.

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Don’t wait for the actuarial team to solve for LDTI compliance

Accounting and finance teams have plenty of gaps to fill to ensure they meet requirements around data granularity, traceability, disclosure reporting, and strategic improvements.

Hear Dan Sorenson, Partner of Digital Risk Solutions at PwC and Kim Kirk, Senior Solution Specialist at Aptitude Software, dive into how LDTI is driving transformation in finance departments and creating value beyond compliance.

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How LDTI is impacting the CFO and the insurance industry

In a recent podcast episode, Aptitude Senior Solution Specialist and Insurance expert, Kim Kirk, speaks about the Long Duration Targeted Improvement standard – also known as LDTI – which impacts US GAAP reporting insurers. This episode focuses on the LDTI challenges specifically facing CFOs, their teams, and the insurance industry at large, as well as how CFOs can approach compliance in a way that drives additional business benefits.

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How a global Insurer tackled a digital finance transformation in 16 months 

Aptitude Managing Consultant, Julie Girard, walks through an Aptitude client case study covering how a global, US-headquartered insurer tackled the dual challenges of IFRS 17 compliance and modernizing their finance architecture to support the standard and drive broader business benefits.  

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How can Aptitude Software solve for LDTI and beyond?

The Aptitude Accounting Hub (AAH) is a market-proven solution, that is able to address LDTI compliance requirements out-of-the-box.  AAH simplifies the most complex of finance architectures, creating a ‘single view of finance’ and a launchpad for digital finance. It empowers the finance function to achieve compliance, progressively transform, and be future-ready.

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