Streamline your accounting with AccountX
AccountX is a holistic, all-in-one balance sheet solution that automatically incorporates all relevant factors into the balance sheet, e.g. insurance income, insurance expenses and financing expenses. AccountX recognizes financing expenses as part of income, as part of the company’s accounting policy. It incorporates reconciliation reports for liabilities in the balance sheet, displaying the transition of the liability from the opening balance (e.g. end of previous year) to the closing balance (e.g. end of current year).
RemitRix AccountX is a dynamic platform that helps Actuaries, CFOs and Risk Managers to navigate through the IFRS17 challenge with agile and robust approach. AccountX is a multi-ledger, multi-client, multi-product, multi-currency and multi-time IFRS 17 platform including :
- Grouping of contracts
- Identification of onerous contracts
- BBA, PPA and VFA models
- Risk Adjustments (COC, VAR, and CTE)
- Discounting (Top-Down and Bottom-Up)
- CSM allocation capabilities
Profit and Loss
Presentation in the statement of profit or loss and other comprehensive income – Insurance income, insurance expenses and financing expenses. Portfolios based presentation.
Recognition of financing expenses as part of the other comprehensive income – part of the company’s accounting policy.
Analysis of the insurance revenue recognized in the period. The first part of the screen deals with the breakdown of revenue from portfolios that are measured in non-PAA models, that is, the GMM/BBA and the VFA. At the end there is an addition of the revenue from the portfolios measured in PAA.
To be included in the notes of the financial statements, according to IFRS17.
Reconciliation reports for liabilities recognized in the statement of the financial position (the balance sheet), displaying the transition of the liability from the opening balance (e.g. end of previous year) to the closing balance (e.g. end of current year).
Separate disclosures for components of the liability:
• The estimates of the present value of the future cash flows
• The RA for non-financial risk
• The CSM
Separate disclosures for components of the liability – in accordance with occurrence of the insurance event:
• LRC (liability for remaining coverage) – for insurance events that have not yet occurred – without the loss component (resulting from onerous contracts.
• The loss component.
• LIC (liability for incurred claims) – in respect of the insurance events that have already occurred. Both disclosures – to be included in the notes of the financial statements, according to IFRS 17.
Disclosure of actual claims compared with previous estimates of the undiscounted amount of the claims. To be included in the notes of the financial statements, according to IFRS 17.
Input/displays of yield curves.
The company will need to match the designated curve for each of the different portfolios.
The standard allows a choice between two methods for determining each of the curves, and so each of the tables is structured:
• Bottom-up approach – adjustments of a liquid risk-free yield curve to reflect the liquidity characteristics of the insurance contract.
• Top-down approach – adjustments of a yield curve that reflects the rates of return of a reference portfolio of assets, to eliminate non-relevant factors, such as credit risk.
Contractual Service Margin
- Market data screener
- Visualizes market data through comparison graphs
- Download to Excel
- Historical data of over 15,000 risk factors: Stocks, bonds, commodities, currencies, ETFs, indices, funds, interest rates, and spreads
The software supports calculation of RA in several forms:
• VaR (Value at Risk)
• CTE (Conditional Tail Expectation)
• CoC (Cost of Capital)
This report describes the measurement results of the RA, which are added to the liability calculation.
AccountX: Risk adjustments for non-financial risk calculation