IFRS 17

The Software

Our IFRS 17 solution has the following core capabilities:

• Calculation of the CSM for the available models, being Premium allociation approach (PAA), Building Block Approach (BBA) and Variable fee approach (VFA)
• Discounting methodologies
• Capturing of onerous contracts and loss components
• Reconciliations including CSM showing the movement from opening balance to closing balance per Unit of Account (UoA)
• Creation of disclosures
• Creation of journal entries to feed back into the general ledger
• Governance and auditing

IFRS 17 Implementation and Audit stages

To get this reporting standard incorporated, several steps need to be taken down the road. The overview below helps to establish a roadmap towards a full implementation and audit of the project. In case you need support for this, feel free to reach out to us!

Implementation Stages:

• Detailed design phase
• Build phase
• Test phase
• Parallel run, cut over
• Change managements/training/BAU

Audit Stages:

• Overall planning and risk assessment
• Assess governance of implementation of the standard
• Accounting policies and methodology review and valuation
• Transition audit – Calculation of opening CSM and Balance sheet
• IAS 8 consideration of IFRS17
• End-to-End understanding of IFRS17 BAU process and controls (IT)
• Data and systems IT general controls audit (data input/output testing)
• Actuarial methodology assumptions and model (testing to confirm consistency)
• Audit strategy revision and substantive audit procedures
• Results, report and disclosures audit execution