IFRS 9 – Financial Instruments

IFRS 9 became effective in 2018, however for many insurers, they elected to delay implementation to January 2021. That is the deadline for Insurance firms to implement the new IFRS 17 standard for Accounting for Insurance Contracts. Meeting the new standard for Financial Instruments will be a significant additional challenge for many firms. Legerity’s FastPost platform handles the detailed accounting rules for the various asset measurement classes and the corresponding valuation and credit loss adjustments. Legerity FastPost can be used to process all granular data required to report with confidence.

DATA

Designed to support high volumes of granular data, FastPost is capable of holding and processing hundreds of thousands of financial assets. Disparate data sources are integrated quickly through a standardised interface, resulting in a single and accurate accounting and credit provision repository for financial instruments – normalised in a uniform format available for IFRS 9 reporting and disclosure.

CALCULATIONS

FastPost’s high performance rules platform enables IFRS 9 accounting for all financial instruments. It is specifically designed to handle complex finance and risk calculations at speed. FastPost is a core part of an IFRS 9 system architecture and supports all three measurement approaches: Amortised cost; Fair value through P&L; Fair value through other comprehensive income.

REPORTING

FastPost brings the required finance and credit risk data together for IFRS 9 reporting. IFRS 9 requires judgements and decisions to be made across the accounting process and FastPost delivers a consistent, traceable approach with full audit trail to illustrate adherence. The Fast Post Sub-ledger unlocks valuable, validated financial information to support forward looking business decisions.