GMA RI held proxy calculator is a tool (developed in MS Excel environment) to measure the Asset for Remaining Coverage by the General Measurement Approach defined based on the requirements of new international accounting standard IFRS 17 and our experience with its implementation.
The calculator is open so the user can go through the whole calculation step by step without any restraints.
Key benefits of our solution:
- Help to understand the full data request and workflow for IFRS17 – input data, measurement, accounting, reporting, and output data for DWH – which will be calculated in any future subsequent period.
- Able to process general model approach for multiple portfolios and help you to produce financial impact analysis on your own data in an understandable MS excel file.
- Could be used to produce transition values for a full retrospective approach by a recurring run of the calculator from the initial date in the past till the transition date.
By this calculator, you are able to measure the Asset for Remaining Coverage and Asset for Incurred Claims by General Measurement Approach (GMA).
Same as for the GMA proxy calculator above plus reinsurance-specific features.
After execution of the calculation, you can display the Statement of financial position, the Statement of financial performance, and the reconciliation tables required by the Standard.
If you are interested in how the IFRS 17 principles should be reflected in your general ledger, you can also display journal entries based on the predefined chart of accounts and accounting scheme.
Both input data and output data used for the preparation of reports and journal entries are in database form so you can define which data you will need to store.
The calculator is primarily developed to support IFRS 17 implementation process, but it could be also used for real-life calculations.
It is not a black box and it can be easily customized for your needs – you can do it by yourself or we can provide you with our support.
It could be used separately as a stand-alone calculator. Or if you need more valuation models it could be a part of IFRS17 Cube solution (see link below).
We have also other IFRS17 tools. For further information follow the link at each tool:
IFRS17 PAA calculator - link
IFRS17 PAA RI held calculator - link
IFRS17 Transition calculators - link
IFRS17 Cube solution - link
IFRS17 Add-ins - link
IFRS17 Eligibility tools - link
IFRS17 Illustrative models - link
We often support clients also directly as consultants. For further information about our IFRS17 services, please follow the link.
For further information about IFRS 17, see also our useful links.