A new accounting standard for Insurance Contracts IFRS 17 was issued in May 2017 by the International Accounting Standards Board (IASB) and It will be effective as of 1 January, 2021.
Over the past years SAP has worked with customers and partners on a standard product offering to support insurance companies to address the requirements of IFRS17 with a solid accounting driven solution approach.
The latest update is now available with Service Pack 1. Main focus of this shipment are updates according to the final IFRS17 standard such as:
- Additions to data model and templates to support “Group of Insurance Contracts”
- Updates to the existing measurement models (GMM, PAA, VFA)
- Additions to data model and processes to support reporting and reconciliation requirements
- Continuous Improvements
Service Pack 1 is available since February 16th and the development team is closely engaged with user groups and ongoing implementation projects to continuously improve the solution.
For further information you might want to have a look at one of the following links: