GMA proxy calculator is a tool (developed in MS Excel environment) to support IFRS17 implementation process developed by Tools4F based on experience with clients implementing IFRS17.
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 understandable MS excel file.
- Could be used to produce transition values for full retrospective approach by 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 Liability for Remaining Coverage and Liability for Incurred Claims for any intra-year period (1-12 months, i.e. any monthly, quarterly, half-yearly reporting is possible) using a year-to-date basis and monthly input data.
After execution of the calculation, you can display the Statement of financial position, the Statement of financial performance and reconciliation tables required by the Standard.
If you are interested how the IFRS 17 principles should be reflected in your general ledger, you can also display journal entries based on predefined chart of accounts and accounting scheme.
Both input data and output data used for 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 calculation.
In the view of the fact, that it is not a black box, it can be easily customized it by your needs – you can do it by yourself or we can do it.
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It could be use 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.
If you have any questions please use the contact form below.