What is IFRS 17?
IFRS 17, or International Financial Reporting Standard 17, is a global accounting standard developed by the International Accounting Standards Board (IASB) to regulate the reporting of insurance contracts. It replaces the existing IFRS 4 standard and aims to provide a consistent and transparent approach to insurance contract accounting. IFRS 17 introduces a new measurement model based on the current value of insurance contracts, requiring insurers to recognize profits and losses throughout the duration of the contracts. The standard also emphasizes the disclosure of relevant information to enhance comparability and understanding of insurers' financial statements. IFRS 17 has significant implications for insurers' financial reporting and requires careful implementation to ensure compliance.RiskIntegrity™ for IFRS 17
RiskIntegrity™ for IFRS 17 by Moody’s Analytics is designed to help companies comply with the new standard while minimizing disruption to their existing processes. The software includes a range of tools and features to help companies automate their accounting processes and ensure accurate and timely reporting.Our Products
-
AXIS Actuarial System
Moody’s AXIS actuarial system is a powerful modeling solution, used by insurers, reinsurers, and consultants for actuarial analysis of life insurance and annuity business. The AXIS actuarial system emphasizes performance, ease of implementation, flexibility, robustness, scalability, and transparency at lower cost of use. It delivers the flexibility to deploy large-scale computing power through an advanced cloud-based delivery platform or installed software. A flexible vendor-maintained actuarial system handles multiple applications such as reserving, asset and liability management (ALM), pricing, financial modeling, capital calculations, hedging, and financial frameworks.
Click here to learn more.
-
RiskIntegrity™ for IFRS 17
The RiskIntegrity™ solution for IFRS 17 helps insurance companies make the transition from current insurance accounting frameworks to IFRS 17. It helps insurance entities of any size—from large international groups with life and non-life businesses to small monoliners—efficiently meet the new reporting challenges. This solution integrates seamlessly into your existing infrastructure, connecting data, models, systems, and processes between actuarial and accounting functions. It addresses the needs of life and property and casualty companies, as well as reinsurers.
Click here to learn more.
Why IFRS 17 with Delta Labs?
-
IFRS supports faster decision-making by providing a standardized and comprehensive framework for reporting insurance contracts, enabling timely analysis and evaluation of financial information.
-
IFRS ensures regulation compliance by providing a consistent and transparent approach to accounting for insurance contracts, enhancing comparability and disclosure of information.
-
IFRS promotes transparency by requiring insurers to recognize profits and losses throughout the duration of insurance contracts, enhancing clarity and disclosure of financial information.
-
IFRS supports good governance by promoting transparency, comparability, and disclosure of information, ensuring accountability and facilitating informed decision-making within insurance companies.
