Moody’s Analytics has added new accounting and reinsurance capabilities to their RiskIntegrity IFRS 17 solution. These new features are intended to help insurers and reinsurers meet the stringent reporting requirements of International Financial Reporting Standard (IFRS) 17.
The latest enhancements to its accounting functions include the introduction of a Moody’s Analytics chart of accounts, end-to-end accounting logic, and mapping from an insurer’s accounts to the disclosures of insurance contracts under IFRS 17.
“These enhancements to our IFRS 17 solution grew out of feedback from implementation projects with our clients,” said Anna Robert, IFRS 17 Product Management at Moody’s Analytics. “Our vision is to help insurers effectively manage, accelerate, and deliver their IFRS 17 projects. Central to achieving that is our ability to listen to and support our clients, and to provide the software they need to implement IFRS 17 successfully.”
Because the RiskIntegrity IFRS 17 solution delivers these and other accounting capabilities, insurers can easily populate the chart of accounts and then generate journal entries to allow for a comprehensive movement analysis and a liability reconciliation analysis.
Insurers can now also use the RiskIntegrity IFRS 17 solution to capture the measurement of reinsurance contracts held under the new standard, viewing the results through our out-of-the-box financial reports.
Disclosures relating to onerous groups of insurance contracts using the premium allocation approach (PAA) method have been identified as a pain point by insurers reporting under IFRS 17. Insurers can now use the RiskIntegrity IFRS 17 solution to assess if their contracts measured under the PAA have become onerous during the reporting period. They can then adjust the insurance liabilities accordingly using our parallel measurement approach.
The post Moody’s Analytics enhances accounting and reinsurance capabilities of RiskIntegrity IFRS 17 solution appeared first on Accountancy Age.