IFRS 17 implementation (Malaysia)
February 26, 2021
IFRS 17 implementation (Malaysia)
Score 8 out of 10
Vetted Review
Verified User
Overall Satisfaction with Wolters Kluwer (CCH Tagetik)
We are implementing the IFRS 17 Starter Kit to help us meet IASB's IFRS 17 standard. It is being used predominantly by Finance department, with some involvement from the Actuarial department. This IFRS 17 Starter Kit helps us generate financial numbers and disclosures based on IFRS 17 standard requirements such as - measurement models (BBA, PAA), discounting, risk adjustment, fulfilment cash flows, etc.
- Accounting-based solutions.
- Strong support and implementation team.
- Strong experience in implementing financial/ accounting based solutions.
- Strong experience in IFRS 17.
- Complete experience in implementing IFRS 17 (but I do understand that IFRS 17 only comes into effect in 2023 - so everyone is still learning/ implementing).
- It would be great to have CCH Tagetik office/ implementation team based in Kuala Lumpur, Malaysia.
- It would be great if CCH Tagetik implementation team has resources with actuarial background.
- Compliance cost (meeting IFRS 17).
- More transparent accounting (based on IFRS 17 objectives).
- Automation and quicker financial close.
We wanted a more accounting-based solution to meet IFRS 17. There are some solutions which were fundamentally more data-based or actuarial-based, hence we wanted a solution that was fundamentally strong in accounting/ financial applications.