Accelerate Deployment of IFRS 17 Reporting with our Pre-Modelled Solution
ifb has developed a comprehensive reporting package for IFRS 17 compliance accelerating solution deployment. We have leveraged our learnings from a high number of active engagements implementing IFRS 17 on the SAP S/4HANA Financial Products Subledger (FPSL). Using our 30 year established REFRAMETM method, all the key building blocks for reporting that are required for IFRS 17 disclosures have been pre-modelled in compliant report packs.
Think of this as frustration free packaging where we have unwrapped the core use cases, modeled them based on global best practices and created the integration points to FPSL. It is a complete, pre-documented and pre-configured SAP Analytics Cloud (SAC) solution covering all IFRS 17 reports and data interfaces which allows you to easily build the bridge between your accounting results and the IFRS 17 disclosure requirements.
ifb Packaged Solution for IFRS 17 Reporting compiles a comprehensive amount of IP unifying best practices into one reliable and predictable implementation project for a fixed price.
We are seeing companies evaluate and / or deploy custom silo solutions impacting approach, accounting rules engine and project cost and duration delaying their IFRS 17 reporting roadmap. Our packaged solution for IFRS 17 Reporting mitigates risk within these challenges by:
Establishing IFRS 17 compliance in FPSL sets the focus on the methodologies and posting regimes, leaving aside the extensive and detailed disclosure requirements reaching beyond the data needed in FPSL for IFRS 17 calculations.
Accounting Rules Engine:
Our solution leverages data models prebuilt for your FPSL implementation, linking all information providers within our IFRS 17 reporting requirements library. At this point the ifb Packaged Solution for IFRS 17 Reporting comes into play with a building block approach to connect the dots.
Cost / Duration:
Without having an end in sight, customers often start with a fresh canvas and generally start from scratch with their requirements. This increases effort and delays decision making thus increasing cost and duration to deploy compliant reports. Our solution starts with an approach of “Why not? vs. What do we need?” significantly accelerating reporting deployment time at a predictable cost.
Deploy our all-encompassing framework as a modular best practice approach
ifb Packaged Solution for IFRS 17 Reporting consists of a core offering with optional extensions. Within the scope of the core offering we provide you an IFRS 17 reporting based on SAP Analytics Cloud (SAC) integrating to FPSL and your General Ledger. This includes setup, configuration, test support, Go-live and one month of hypercare through our experienced experts for a fixed price. It offers a seamless integration to ifb Packaged Solution for IFRS 17 Accounting helping you to efficiently achieve compliance.
Thanks to its modular structure our Packaged Solution for IFRS 17 Reporting can be extended to further simplify and enhance your reporting process offering optional services and solutions.
What if you could simplify your reporting roadmap by quickly installing a black box that only needs to be adapted to your environment. We leverage SAP solutions, on premise or in the cloud, that can be deployed rapidly accelerating the realization of the business benefits from our Packaged Solution while lowering resource impacts and deployment costs.
Your benefits at a glance:
Achieve IFRS 17 compliance based on best practices an estimated ~30% faster
Based on best practices from executing advanced IFRS 17 projects, and the insight of leading auditor firms, our Packaged Solution comes with a complete set of IFRS 17 predefined disclosure reports. These include functional transformation rules and interfaces between the SAP FPSL subledger and the IFRS 17 reports.
Integrate SAC reporting seamlessly into your system landscape
Our solution contains the underlying technical data integration models to the subledger systems. Where FPSL is being used, we seamlessly integrate using adjusted SAP technology on the relevant tables. Additionally, clearly defined interfaces for all other sources facilitate the integration of other subledgers into the reports.
Clear governance, guidance and a proven methodology
Benefit from our clear implementation approach REFRAMETM via content with proven deployment success like accelerated setup, testing and data handling. ifb has amalgamated its knowledge across multiple advanced IFRS 17 projects, allowing you and your team to focus on the outlier requirements.
Reduce your implementation timeline risk
Our project approach aims at the delivey of immediate tangible results in weeks instead of months. This limits business impact allowing your key users, such as actuaries, finance and compliance officers, to review versus define and build. Our team will refine the best practice content hands-on and without the undue burden of conceptualization.