Wolters Kluwer Tax & Accounting IFRS 17 Expertise Offered Through Webinars, EBook
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IFRS 17 includes three measurement approaches, which have markedly different requirements when compared with existing standards:
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* Premium Allocation Approach (PAA): Simplified approach for short duration contracts or re-claims obligation at initial recognition
* Variable Fee Approach (VFA): Applicable to contracts with direct participating features
To help insurers comply, Wolters Kluwer released the CCH Tagetik IFRS 17 Solution for Insurance Contracts which handles all three measurement approaches by providing a centralized IFRS reporting hub that includes a data repository, calculation modeling, reporting, and disclosuresas well as workflow management and complete data auditability.
In addition, CCH Tagetik delivers expert commentary about IFRS 17 through informational webinars and a descriptive eBook. Through these channels, CCH Tagetik provides insurers with a deep look at the requirements for insurance contract accounting and reporting, the impact of IFRS 17 on existing enterprise systems, and the criteria for evaluating IFRS 17 solutions. For example, organizations should employ a solution with specific capabilities including seamless integration with any data source, data normalization capabilities to identify the proper level of data granularity, and workflow capabilities to drive and guide throughout the entire process.
"Regulations like IFRS 17, that center around data transparency, is an area that the
CCH Tagetik's IFRS 17 solution manages all aspects of compliance - including data collection, calculations, postings, reporting, and disclosures. Non-disruptive to enterprise architectures, the solution creates a single repository for insurance contracts and easily integrates with any source system.
For further information on CCH Tagetik's IFRS 17 solution, including an e-book, product brochure, and demo, visit our resources page.
About Wolters Kluwer
Wolters Kluwer is a global leader in professional information, software solutions, and services for the health, tax & accounting, finance, risk & compliance, and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2017 annual revenues of
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For more information about our solutions and organization, visit www.wolterskluwer.com and follow us on Twitter, Facebook, LinkedIn, and YouTube.
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