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IFRS 17 Reporting and Calculation Platform (RCP)
IFRS 17 is one of the largest accounting changes in insurance in the last decade, impacting insurance firms’ entire operating model. Our skilled team can help you comply with the latest IFRS 17 regulations with our Reporting and Calculation Platform (RCP).
What EY can do for you
IFRS 17 will result in a profound change to accounting in IFRS financial statements of insurance companies. This will have an impact on data, systems and processes used for financial reporting as well as on the people producing it.
EY’s Reporting and Calculation Platform (RCP) is designed to help insurance firms to be compliant with the requirements of the IFRS 17 standard.
RCP is a holistic solution that produces complex calculations, accounting entries, financial statements and disclosures required by IFRS 17. It is designed to make IFRS 17 compliance easier and more efficient for insurance companies.
Some of the key benefits are:
- Is easy to use and scalable
- It is a cost-effective platform to meet IFRS 17 requirements
- Performs IFRS 17 calculations for all three measurement models
- Customization for IFRS 17 with simple parameter options
- Performs sensitivity analysis for different risk drivers at the same time
- Includes a full accounting module with IFRS 17 Chart of Account
- Can be easily integrated into existing accounting systems and software
- Logs all calculations and creates auditable reports and all required IFRS 17 disclosures