KPMG IFRS 17 Toolkit

The International Accounting Standards Board (IASB) issued International Financial Reporting Standard 17 - Insurance Contracts (IFRS17) in 2017, and in December 2020, the Ministry of Finance of China revised and issued Accounting Standard 25 for Business Enterprises - Insurance Contracts (hereinafter referred to as the "New Standard on Insurance Contracts", the "New Standard"). The requirement will be implemented from January 1, 2023 (for non-overseas listed companies, it will be implemented from January 1, 2026). The new insurance contract standard re-standardizes the accounting treatment of insurance contracts, and its complexity makes the implementation of the new standard bring great challenges to the company. Considering the need for resources and manpower to implement the new standard, as well as the desire of small and medium-sized property insurance companies to simplify the implementation of the current situation, KPMG actuarial and LH teams worked together to create a new insurance contract measurement accounting system with low implementation cost and easier deployment, enabling small and medium-sized property insurance companies to implement the new standard.

产品特点

KPMG IFRS17 Toolkit is a lightweight solution compared to the mature IFRS17 solutions currently on the market. It is designed to help small and medium-sized property insurance companies with relatively simple business composition and short risks save resources, reduce product complexity, streamline functions, and meet corporate regulatory reporting requirements. Automate the generation of new standard financial statements and related disclosures.

All-round and one-stop platform

During system deployment, it is necessary to build additional lightweight data processing platforms that meet the characteristics of the company according to the actual system and data of the company, so as to prepare data for measurement. After entering the product, the result report of incurred loss liabilities and unexpired liability liabilities output by the measurement module can be pushed to the accounting module, and then the accounting module can generate accounting entries, accounting vouchers and financial statements required by users, covering the whole process from measurement to the generation of final financial statements. In addition, the transmission, push and export of the results can be completed within the measurement platform, and the measurement does not need to be carried out through the docking of the user's financial system and business system.

Meet user customization requirements

Users can query, drag, and drop measurement rules to configure measurement rules in a self-service manner.And users can also import variables, data, and result templates in batches and modify them immediately.

Low cost of use and maintenance

Compared to large solutions such as SAP and SAS, KPMG IFRS 17 Toolkit is easy to understand and does not require a lot of manpower and resources to maintain after installation.

应用场景

Small and medium-sized property insurance companies

Among small and medium-sized property insurance companies, there are many property insurance companies with relatively simple business structure and most short risks. IFRS 17 Toolkit can meet the measurement and financial needs of such companies and meet the requirements of regulatory reporting.

The Chinese subsidiary of a foreign insurance group

Foreign insurance groups require Chinese subsidiaries to submit IFRS17 financial results to the Group, and the platform can easily generate results reports to meet the group's reporting requirements.