Aptitude Extends Product Portfolio With IFRS 17
May 18 2017 - 6:43AM
Business Wire
Responds to calls from insurance CFO’s to adopt
the new IFRS 17 insurance accounting standard and to improve the
understanding of risk, profitability and financial position
To equip insurance CFO’s who will need to act following this
morning’s announcement by the International Accounting Standards
Board (IASB), Aptitude Software announces the Aptitude IFRS 17
Solution.
The Aptitude solution will perform IFRS 17 calculations in line
with what has been documented by the accounting regulator and
addresses the range of processing and systems requirements captured
via the company’s extensive market discussions.
IFRS 17 requires extensive changes to finance statements as well
as the processes and systems insurance companies rely on to produce
management information. As raised on this morning’s IASB webinar,
insurance companies are concerned about implementation costs, data
requirements, the levels of contract aggregation and the inherent
requirement to enhance financial control in their accounting
systems.
Aptitude’s specialist accounting product approach enables
insurance companies to address the IFRS reporting requirements
efficiently, reduce implementation cost and risk and achieve
accounting best practice.
These benefits are delivered by plugging holes in insurance
companies’ existing systems architectures. The Aptitude solution
will embed IFRS 17 processes such as insurance contract portfolio
management and P&L attribution, incorporates an ‘out of the
box’ insurance data model and accounting templates, and leverages
the depth and performance of Aptitude’s proven, packaged
operational accounting platform.
Importantly the Aptitude approach delivers flexibility to
support other accounting and regulatory reporting requirements,
including IFRS 9 and IFRS 16.
“The onslaught of current accounting policy changes – including
IFRS9,
IFRS 15, IFRS16, and IFRS17 – all require enterprises to realize
control and account for granular contract detail in their business”
says Ross E. Chapman, Aptitude Software’s Marketing Director.
“The Aptitude IFRS 17 solution will equip insurance finance
teams with the foundation to address these requirements while
improving control, transparency and insight over future
accounting.”
The finalized IFRS 17 standard can be accessed via the following
link:
http://www.ifrs.org/Features/Pages/IFRS-17-insurance-contracts.aspx
For more information on the Aptitude IFRS 17 solution, please
contact info@aptitudesoftware.com
Join Aptitude Software at upcoming events
1 June 2017 – IFRS 17 Roundtable – Merchant Taylor’s Hall,
London
Aptitude Software brings together industry experts to discuss
the impact of IFRS 17 and how to develop strategies to deal with
it. Join Deloitte, KPMG, AIG, RSA, L&G, HSBC Insurance, Direct
Line and others.
RSVP to info@aptitudesoftware.com
7 June 2017 – Data for InsuranceERM Event – Hilton Bankside,
London
Aptitude Software will lead a discussion and panel about the
impact of IFRS 17 on actuarial, data and finance systems. For
inclusion in the panel, please contact
rosse.chapman@aptitudesoftware.com
About Aptitude Software
Aptitude Software delivers specialist enterprise finance
applications to enable CFO’s to
supercharge control, reporting and analysis.
The company’s software controls and automates high volume,
complex accounting processes to provide solutions to problems that
aren’t well served by legacy ERP and IT-centric approaches.
Our mission is to equip CFO’s to fulfill their strategies and
ambitions.
Aptitude Software is a Microgen plc company (LSE: MCGN).
Copyright © Aptitude Software Inc. 2014-2017.
Microgen ® Microgen plc. Aptitude™ Aptitude Software
Limited.
Aptitude IFRS 17 Solution™ Aptitude Software Limited
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170518005557/en/
For more information:Aptitude SoftwareRoss E.
Chapman+44 207 496 8100info@aptitudesoftware.com
Aptitude Software (LSE:APTD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aptitude Software (LSE:APTD)
Historical Stock Chart
From Apr 2023 to Apr 2024