EY ifb Packaged Solution for IFRS 17 accounting
From EY ifb’s experience of running advanced IFRS 17 Financial Products Sub-Ledger (FPSL) projects worldwide, we created Packaged Solution for IFRS 17 accounting. It compiles a comprehensive set of accelerators unifying best practices into one reliable, efficient implementation project at a fixed price.
What EY can do for you
IFRS 17 has brought about an unprecedented shift in process, accounting engine functionality and data requirements for insurance products.
These challenges greatly impact small and medium sized insurance companies that do not have the enough resources or money to achieve this significant finance and risk transformation. Siloed approaches, when hastily implemented, increase maintenance and slow down processes. Subledger solutions, however, allow companies to report using a single data set and deliver multiple accounting standard reports.
It is time to reduce the number of accounting steps and instead deliver practical solutions for IFRS 17 compliant reporting. Our REFRAMETM framework enables us to retain use cases with associated global best practice, delivered in a reliable and consistent manner, while safeguarding the option to leverage your implementation to extend your solution later on.
We implement selected and preconfigured use cases of IFRS 17 on SAP FPSL focused on IFRS 17 compliance. These assets include customer specific enhancements for accounting rules, documentation, test cases and test data accelerators. They also comprise key SAP Financial Products Sub-ledger (FPSL) setup, configuration, and test support.
Because of its modular structure, our Packaged Solution for IFRS 17 Accounting can be extended to further simplify and enhance your accounting and closing process with optional services and solutions such as:
- Multi GAAP Accounting using Baseline Delta Approach
- Planning & Simulation
- IFRS 17 Reporting using SAP Analytics Cloud
- Application Management Support during and after the project
We use a best practice standard approach that substantially cuts down on both time and effort, to deliver tailored solutions. Our Packaged Solution allows us to accelerate each project and reduce resource constraints by quickly finalizing core use case requirements. The FPSL system is ready to be tested in approximately six weeks after the project begins.
A guided workshop series captures deviations from best practices and client specific enhancements in a backlog. To ensure the solution is reliably built, the Packaged Solution use cases are prioritized with respect to these change requests.
EY ifb Packaged Solution for IFRS 17 Accounting is set up to offer optional, modular extensions to add value to our clients beyond mere compliance and make the most of their FPSL solution.
Get in touch to learn more.