Insurance-Canada.ca » Industry News » News » IFRS 17: Action vs. Reaction

IFRS 17: Action vs. Reaction

Red Alert: IFRS 17 is right around the corner!

Toronto, ON (Sept. 11, 2017) – The impact from IFRS 17 will be felt across the finance function and may require changes to both strategic financial management processes and the finance operating model.

It’s important to take into consideration that the entire financial systems’ architecture will be impacted: operational systems, actuarial models, general ledgers, consolidation and performance management systems will change to support the new measurements, presentation and disclosure requirements in IFRS 17. That’s why it is crucial to recycle the common information when already available in the existing systems and to ensure qualitative and quantitative disclosures.

The new reporting requirements will need the performance management and KPI framework adjusted. Currently, the key metrics are based on volume, revenue and profitability, while the new standard will impact the entire performance management process.

Also to be taken into account is the ability for data to be posted back to source systems as adjustments (e.g adjustments posted back to ledger and sub-ledger).

Have you considered all the challenges?

Read this new eBook from CCH Tagetik to explore how IFRS 17 will impact your business, all the secret ingredients you need to be compliant, steps you can take in order to find the right solution to be compliant quickly.

Abstract

IFRS 17 introduces a single consistent accounting model for all insurance contracts to increase transparency and provide confidence in the numbers. Positioned to impact companies that issue insurance contracts, which primarily means the insurance industry, the latest IFRS 17 applies to the same filing population as IFRS 4, none excluded!

In this eBook, you’ll learn:

  • key facts to know about IFRS 17 requirements
  • how IFRS 17 will impact your business
  • all the secret ingredients you need to be compliant
  • steps you can take in order to find the right solution to be compliant quickly

Read the eBook.

About CCH Tagetik

We understand the complex challenges that face the Office of the CFO and translate that knowledge into intuitive, enterprise-scale performance management software solutions that drive business results. With CCH® Tagetik software, you get the simplicity of the Cloud and the power to unify financial and operational planning; shorten the consolidation and close process; immediately analyze results, model and compare full financial statement impact of business scenarios; adjust strategic plans; seamlessly update rolling forecasts; produce formatted and auditable financial statements and management reports; collaborate on business reviews, and automate disclosure and board reporting. CCH® Tagetik corporate performance management solutions have built-in financial intelligence so that CFOs, finance managers, and operations executives can orchestrate multiple or all processes in one software solution.

For more information, visit www.tagetik.com.

Source: CCH Tagetik

Tags: , ,