IFRS 17 implementation (Malaysia)
February 26, 2021

IFRS 17 implementation (Malaysia)

Anonymous | TrustRadius Reviewer
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.
We haven't had the chance to use the CCH Tagetik solution yet, as we are still in Implementation phase. However, based on what we have seen so far, it looks good.
Since the IFRS 17 standard is still new / i.e. only comes into effect on 1 Jan 2023, all current IFRS 17 solutions being offered have not yet "gone live". There are many types of solutions - some are more data-based, some are more actuarial-based. However, IFRS 17 is fundamentally an accounting standard, so CCH Tagetik's strength in its accounting/ financial softwares helps put itself in a strong position as a preferred choice for IFRS 17 solution.

Wolters Kluwer CCH® Tagetik Feature Ratings

Long-term financial planning
Not Rated
Financial budgeting
Not Rated
Forecasting
Not Rated
Scenario modeling
Not Rated
Management reporting
7
Financial data consolidation
7
Journal entries and reports
7
Multi-currency management
Not Rated
Intercompany Eliminations
Not Rated
Minority Ownership
Not Rated
Local and consolidated reporting
7
Detailed Audit Trails
7
Financial Statement Reporting
7
Management Reporting
7
Excel-based Reporting
7
Automated board and financial reporting
Not Rated
XBRL support for regulatory filing
Not Rated
Personalized dashboards
Not Rated
Color-coded scorecards
Not Rated
KPIs
Not Rated
Cost and profitability analysis
Not Rated
Key Performance Indicator setting
Not Rated
Benchmarking with external data
Not Rated
Flat file integration
Not Rated
Excel data integration
7
Direct links to 3rd-party data sources
7
Pixel Perfect reports
Not Rated
Customizable dashboards
Not Rated
Report Formatting Templates
Not Rated
Drill-down analysis
Not Rated
Formatting capabilities
Not Rated
Integration with R or other statistical packages
Not Rated
Report sharing and collaboration
Not Rated
Publish to Web
Not Rated
Publish to PDF
7
Report Versioning
7
Report Delivery Scheduling
Not Rated
Pre-built visualization formats (heatmaps, scatter plots etc.)
Not Rated
Location Analytics / Geographic Visualization
Not Rated
Predictive Analytics
Not Rated
Multi-User Support (named login)
7
Role-Based Security Model
7
Multiple Access Permission Levels (Create, Read, Delete)
7
Single Sign-On (SSO)
7
Responsive Design for Web Access
Not Rated
Dashboard / Report / Visualization Interactivity on Mobile
Not Rated