LONDON–(BUSINESS WIRE)–Moody’s Analytics, a global provider of financial intelligence, has
added new accounting and reinsurance capabilities to the Risklntegrity™
IFRS 17 solution. These new features will 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.
Because the Risklntegrity IFRS 17 solution delivers these and other
essential 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 Risklntegrity IFRS 17 solution to
seamlessly 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
Risklntegrity 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.
“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.”
Last month, Moody’s Analytics was recognized as a Category
Leader in a Chartis Research report evaluating top vendors of IFRS
17 solutions.
For the latest IFRS 17 insight from Moody’s Analytics, visit our IFRS
17 Thought Leadership Center.
Click
here to learn more about the Moody’s Analytics Risklntegrity IFRS 17
solution.
About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical tools
to help business leaders make better, faster decisions. Our deep risk
expertise, expansive information resources, and innovative application
of technology help our clients confidently navigate an evolving
marketplace. We are known for our industry-leading and award-winning
solutions, made up of research, data, software, and professional
services, assembled to deliver a seamless customer experience. We create
confidence in thousands of organizations worldwide, with our commitment
to excellence, open mindset approach, and focus on meeting customer
needs. For more information about Moody’s Analytics, visit our website
or connect with us on Twitter
or LinkedIn.
Moody’s Analytics, Inc. is a subsidiary of Moody’s Corporation (NYSE:
MCO). Moody’s Corporation reported revenue of $4.4 billion in 2018,
employs approximately 13,200 people worldwide and maintains a presence
in 42 countries.
Contacts
TRACEY SCOTT
Moody’s Analytics Communications
+44.207.772.5207
Moody’s
Analytics Media Relations
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