Business
FWD fires starter gun on IFRS 17 implementation
FWD fires starter gun on IFRS 17 implementation.
About this update from Aptitude Software Group Plc
[{"type":"text","content":"\n \nRNS Number : 5591E Microgen PLC 12 February 2018 \n\nvia RNS Reach\n \nPRESS RELEASE 12 February 2018 \n \nFWD GROUP FIRES STARTER GUN ON IFRS 17 IMPLEMENTATION\nAsia-based insurance provider FWD Group has selected Aptitude Software, a Microgen plc business, to address IFRS 17 and IFRS 9\n\nWith almost three years before the initial IFRS 17 deadline, FWD Group (\"FWD\"), a leading pan-Asian life and general insurer, is one of the world's first insurance companies to start the process of implementation.\nFWD has selected Aptitude Software to drive the changes required to deal with accounting standards IFRS 17 and IFRS 9. FWD operates across eight markets whilst managing more than $24bn in assets.\nIFRS 17 is widely recognised as one of the biggest change issues in the insurance industry to ever hit CFOs. This global accounting standard affects every insurance company that reports under IFRS. Its purpose is to align insurance company reporting across the globe.\nRichard Poon, FWD Group Finance Director said: \"In line with our mission to deliver best-in-class insurance in our markets, FWD's proactive attitude to IFRS 17 and IFRS 9 is designed to empower our future growth. Thanks to a rigorous evaluation, we believe our chosen approach to implement broader improvements across our finance processes will reinforce our position as a leading pan-Asian insurer. Aptitude Software's commitment to the Hong Kong and wider Asian market was highly valued, and we were impressed by the amount of \"out of the box\" IFRS 17-specific intellectual properties.\"\nThe International Accounting Standards Board (IASB) suggests that 450 listed insurers use IFRS standards, which means approximately $13 trillion (£9....