Moody’s Analytics has added new accounting and reinsurance capabilities to its RiskIntegrity IFRS 17 solution to help companies meet the requirements of International Financial Reporting Standard (IFSR) 17.
Insurers can now use the RiskIntegrity IFRS 17 solution to capture the measurement of reinsurance contracts held under the new standard, viewing the results through Moody’s financial reports.
Enhancements to the accounting functions also 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.
Additionally, insurers can now use RiskIntegrity IFRS 17 to assess if their contracts under the premium allocation approach (PAA) method have become onerous during the reporting period.
They can then adjust the insurance liabilities accordingly using Moody’s parallel measurement approach.
“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,” she added.
“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.”