Selection based on non-disruptive implementation, trust in solution quality, and demonstrated business understanding
CCH Tagetik, part of Wolters Kluwer Tax & Accounting and a leader in global performance management software solutions, today announced that ASR Nederland NV, the third largest insurance provider in The Netherlands, has selected CCH Tagetik’s IFRS 17 Insurance Contracts Solution. ASR Nederland also uses the CCH Tagetik platform for Solvency II, consolidation, tax, cost allocation and disclosure management.
Issued by the International Accounting Standards Board, IFRS 17 for accounting of insurance contracts goes into effect January 1, 2022, with prior-year comparative reporting required. Under IFRS 17, which replaces IFRS 4, insurance contract liabilities have to be calculated as the present value of future insurance cash flows with a provision for risk. Its goal is to increase transparency and provide greater confidence in reported numbers through the use of a single, consistent accounting model for all insurance contracts. The new reporting standard, applicable to any company issuing insurance contracts, represents the biggest change to insurance accounting in more than 20 years.
“IFRS17 compliance is a major project for every insurance company since it will have significant impact on most finance and accounting processes, and will significantly alter the presentation of the financial results,” said Patrick Klijnsmit, director of group accounting, reporting, and control at ASR. “Given this huge challenge, we were very conscious of time constraints and implementation risks and selected after a thorough process an IFRS 17 solution to give us enough time to plan, prepare and implement before the actual deadline.”
“We applaud ASR for its proactive approach to IFRS 17 and its visionary approach to modernizing finance,” said Marco van der Kooij, managing director for CCH Tagetik Benelux and Nordic. “When viewed strategically, IFRS 17 can give finance teams new and powerful insights into a company’s risk potential and performance drivers”.
CCH Tagetik’s IFRS 17 Insurance Contracts Solution provides a centralized IFRS reporting hub that includes a data repository, calculation modeling, reporting, and disclosures. The solution has pre-built ETLs for easy importing and exporting, as well as workflow management and complete data auditability. The company also offers regulatory solutions for IFRS 9 (financial instruments), IFRS 15 (revenue accounting), and IFRS 16 (lease accounting). For more details, click here.