IFRS 17 Accelerator
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The new IFRS 17 accounting standard aims to increase transparency of the insurance business, and deliver a more accurate view of the business across all insurance companies. However, the complexity, cost and effort required for transitioning to the new IFRS 17 rules add considerable challenges to insurance companies looking to migrate to the new standards. Our IFRS accelerator makes this transition process seamless.
Product Highlights
Beyontec offers a comprehensive software solution that integrates with existing financial reporting environments, to deliver IFRS 17 compliance benefits with calculations, regulatory and financial reporting.
Compatibility with any core solutions
The in-build compatibility features of the tool support integration with any financial application residing in the core insurance systems, using pre-built standard API’s.
Reconciliation
Reconcile journal entries and trial balance from IFRS 4 to the new IFRS 17 standards and generate comparative reporting.
Multi-Currency
The tool has multicurrency operations in-built into this functioning helping with individual company and group companies reporting.
Reporting Module
Incorporates all the new reporting requirements under IFRS17 based on the groupings formed as part of the standard process.
Consolidation and Drill Down Reporting
Option to generate specific drill down reports allow users to configure the reports that enhances the variance analysis and review process for the management.
Real-time Compliance Validation
The accelerator tool comes with in-built compliance validation features, where the data goes through a series of business rules to ensure appropriate reporting and disclosure.
IFRS 4 Vs IFRS 17 Comparable Reports
The tool incorporates the capability to provide comparative reports to ensure compliance with the local regulations as well as demonstrate the impact of adopting IFRS 17.
Pre-defined & Configurable Dashboards
The accelerator provides an interactive and configurable analytical dashboard, where reports can be easily accessed and generated for different departments for better forecasting and planning.
Audit Trail
The accelerator provides comprehensive audit trails and visibility into information, to accurately review historical operational activity and to ensure secure authorised access to information.
Formatting Configurability
The accelerator provides the option to generate the financial statement and disclosures in specified formats.
In-built API Library
Using the in-built API library, the tool can integrate with external systems.
Secured Access
User authorisation module enables user access logs to be maintained, which will clearly distinguish the permissions assigned and reports accessible to different roles within the company.
