IFRS 17
A comprehensive solution for IFRS 17 compliance. Effectively manage data, financial reporting, disclosures, policies and internal controls.
Capture value from data you can trust
Aggregate, consolidate and manage data
At the centre of the adoption of IFRS 17 is the management of a wide spectrum of data, from historic or current data on policy and premium to forward-looking data used to produce cash flow projections.
Workiva delivers a cloud platform that provides advanced data aggregation and data management capabilities, enabling you to connect data across the enterprise. Share and collaborate in real time on the same set of data with internal and external teams.
Data modelling
A single version of data makes it easy to collaborate, track and manage the iterative process of adopting to IFRS 17. Manage multiple scenarios and versions of data with complete tracking of changes and audit trails of when the changes have been made.
Leverage advanced data linking capabilities to instantly update financial statements, management presentations and regulatory disclosures. Have confidence in your numbers and the associated narratives and footnotes knowing that your data is both accurate and audit-ready.
Flexible financial reporting adapts to your approach
IFRS 17-ready financial statements
The conversion will require firms to adopt a new format of the balance sheet, profit and loss statement and cash flow statements. Leverage an out-of-the-box template for financial reporting on both summary and detailed disclosures.
The solution supports a structured outline of financial statements, management commentary, footnotes, charts and graphs, spreadsheets, rounding features and presentations.
Modernise financial reporting and close
The move to IFRS 17 represents a significant change to accounting requirements, completely overhauling an insurer’s financial statements. A welcome alternative to manual spreadsheets and complex legacy systems, Workiva helps teams add value throughout the financial reporting life cycle, from close through disclose.
With Wdesk, connect and consolidate data from your ERP, consolidation and other financial systems, and combine numbers and narrative to create publish-ready financial statements and reports.
Streamline your disclosures with an IFRS-ready platform
Disclose numbers, narrative and presentations
Implementation requires both quantitative and qualitative disclosures that outline the amounts recognised in financial statements, the judgements made, and the nature and extent of risks when applying IFRS 17 to insurance contracts.
Ensure accuracy in your disclosure process with report collaboration, data linking, version control and automatic audit trails. Go beyond traditional rows and columns and manage your disclosure documents, spreadsheets and presentations with connected numbers, narrative and supporting evidence files.
File iXBRL with the IFRS Taxonomy
Workiva provides support for iXBRL disclosure using the IFRS Taxonomy and maintains an ongoing investment in XBRL and iXBRL mapping and tagging technologies, along with a bench of XBRL experts.
Whether you want to completely outsource your XBRL tagging and filing, do it all yourself, or pick and choose, the Workiva Professional Services Team is with you every step of the way.
Connect accounting policies to reporting and disclosures
Collaborative policy documentation and management
The adoption of principle-based IFRS 17 reporting standards will result in a significant change to accounting policies. Audit and disclosure processes will require documentation of changes to accounting policies and explanation of a firm’s adoption decisions.
Wdesk fully supports the creation, management, review and approval of policies. Leverage a consistent format or taxonomy for all policies using templates, and automatically update cross-referenced policy information when changes are made.
Connected policies, footnotes and documentation
Workiva delivers a policy and procedure management solution capable of connecting information across the organisation. Align internal policies with iterative changes to technical accounting judgements, eliminate policy redundancy and inaccuracy, make simultaneous updates to policies across teams, collect an audit trail of changes and track project completion by contributor.
Map policies directly to controls, process and IFRS statement footnotes. Create a consistent, templated format or taxonomy for all policies.
Manage IFRS 17 control and audit processes
Risk and control documentation and testing
Organisations will be required to ensure data governance, data lineage and process transparency across the entire reporting chain. A new reporting framework will require documentation of new controls, risks and policies.
Utilise a central repository to create, manage and connect risk, control and policy documentation. Simplify testing in a single, connected environment. Automate workflow and random sampling, and use drag-and-drop annotations. Track requests, responses and approvals using real-time dashboards.
Audit-ready reports policies and processes
The insurance accounting standards change will be a multiyear project that involves people from across the firm and outside advisors. Ensure consistency and accuracy in every step of your process. Every change leaves a digital record, and all previous versions are available for review and comparison within the platform.
Leverage workflow and tasking that record approvals and certifications. Gather supporting evidence and documentation, and then annotate and connect this evidence to controls, policies, reports and footnotes.
