IFRS-17 Compliance Software

The financial statements of companies issuing insurance contracts are bound to change intensely beginning Jan. 1, 2022 – the date marks the global adoption of International Financial Reporting Standard (IFRS) 17. IFRS 17 Insurance Contracts bring tremendous changes to how insurers manage operational costs, KPIs & forecasts, requiring an overhaul of financial management processes, applications & operating models.

IFRS 17 introduces the concept of conceding profit and recognizing this profit over the duration of the contract. This considerably changes the way companies’ measure and account for long-term insurance contracts.

The following competencies will eventually get affected by IFRS 17:

  • Actuarial models
  • Accounting Systems
  • Product design
  • Financial statement relating to taxation and operations

While in Malaysia, MFRS 17 compliance will be significant and half of the cost will be investment in systems.

The futuristic solution for IFRS compliance

KGiSL entered into a strategic partnership with a leading vendor for providing you an automated solution for addressing the new and expanding compliance requirements. This helps you to focus on your business as you are in compliance with IFRS 17. KGiSL provides an IFRS reporting hub including data repository, calculation modeling, reporting and disclosures in one easy to use solution. Your insurance process gets simplified with KGiSL’s solution as it provides data collection, calculations, posting, reporting and disclosures of insurance contracts

Fast set-up

Pre-configured solution gets compliant quickly with a lower Total Cost of Ownership (TCO).

Easily integrated

Our regulatory solutions are non-disruptive to existing architecture – they will integrate with systems on ground or on cloud.

Single version of truth

Creates single contract data repository to accurately calculate, report & disclose for IFRS 17 and other reporting requirements.

Flexible modeling

With our calculations engine and power of analytics you can process IFRS and calculate large volumes of data quickly

Disclosure & reporting

A single version of data makes it easy to analyze, drill down to details and report while adhering to IFRS 17 disclosure requirements.

Process monitoring

Monitor the whole process with a dashboard that provides the status throughout the submission, adjustment and consolidation process.

Key capabilities

  • Load and map from internal and external data sources
  • Data repository
  • Data validation and controls
  • Preconfigured data model
  • Preconfigured and extendable calculation logic
  • Reporting and disclosures
  • Audit trail
  • Workflow

Calculation logic

  • Import and/or input data including leasing contract info, asset details, fixed and variables lease payments, renewal/ termination/ purchase option etc
  • All lease exemptions are shown in one view to compare and adjust for IFRS 17 and transition period
  • Graphically view assets, liabilities, expenses, depreciation and interest expense to show impact on Balance sheet and profit & loss using different scenarios
  • View reports for local GAAP, IFRS/ASC full amounts and Delta bookings for ‘as-is’ and ‘to-be’ analysis
  • Run models on future time periods for planning

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