Responds to calls from insurance CFO’s to adopt the new IFRS 17 insurance accounting standard and to improve the understanding of risk, profitability and financial position
The Aptitude solution will perform IFRS 17 calculations in line with what has been documented by the accounting regulator and addresses the range of processing and systems requirements captured via the company’s extensive market discussions.
IFRS 17 requires extensive changes to finance statements as well as the processes and systems insurance companies rely on to produce management information. As raised on this morning’s IASB webinar, insurance companies are concerned about implementation costs, data requirements, the levels of contract aggregation and the inherent requirement to enhance financial control in their accounting systems.
Aptitude’s specialist accounting product approach enables insurance companies to address the IFRS reporting requirements efficiently, reduce implementation cost and risk and achieve accounting best practice.
These benefits are delivered by plugging holes in insurance companies’ existing systems architectures. The Aptitude solution will embed IFRS 17 processes such as insurance contract portfolio management and P&L attribution, incorporates an ‘out of the box’ insurance data model and accounting templates, and leverages the depth and performance of Aptitude’s proven, packaged operational accounting platform.
Importantly the Aptitude approach delivers flexibility to support other accounting and regulatory reporting requirements, including IFRS 9 and IFRS 16.
“The onslaught of current accounting policy changes – including IFRS9,
IFRS 15, IFRS16, and IFRS17 – all require enterprises to realize control and account for granular contract detail in their business” says Ross E. Chapman, Aptitude Software’s Marketing Director.
“The Aptitude IFRS 17 solution will equip insurance finance teams with the foundation to address these requirements while improving control, transparency and insight over future accounting.”
The finalized IFRS 17 standard can be accessed via the following link: http://www.ifrs.org/Features/Pages/IFRS-17-insurance-contracts.aspx. For more information on the Aptitude IFRS 17 solution, please contact [email protected]
Join Aptitude Software at upcoming events
1 June 2017 – IFRS 17 Roundtable – Merchant Taylor’s Hall, London. Aptitude Software brings together industry experts to discuss the impact of IFRS 17 and how to develop strategies to deal with it. Join Deloitte, KPMG, AIG, RSA, L&G, HSBC Insurance, Direct Line and others. RSVP to [email protected]. 7 June 2017 – Data for InsuranceERM Event – Hilton Bankside, London. Aptitude Software will lead a discussion and panel about the impact of IFRS 17 on actuarial, data and finance systems. For inclusion in the panel, please contact [email protected]
Aptitude Software delivers specialist enterprise finance applications to enable CFO’s to supercharge control, reporting and analysis. The company’s software controls and automates high volume, complex accounting processes to provide solutions to problems that aren’t well served by legacy ERP and IT-centric approaches. Our mission is to equip CFO’s to fulfill their strategies and ambitions. Aptitude Software is a Microgen plc company (LSE: MCGN). Copyright © Aptitude Software Inc. 2014-2017. Microgen ® Microgen plc. Aptitude™ Aptitude Software Limited. Aptitude IFRS 17 Solution™ Aptitude Software Limited