IFRS 17 transformed insurance accounting. Nexus handles the new standard's complexity — GMM, PAA, and VFA measurement models, CSM amortization, and reinsurance accounting — alongside statutory (SAP) and GAAP parallel books.
IFRS 17 is the most complex accounting standard ever issued. The three measurement models, contractual service margin (CSM) tracking, and loss component accounting require dedicated infrastructure that most insurers are still building.
Ceded and assumed reinsurance creates complex accounting entries that must be tracked separately and presented net in the financial statements. Without automation, reinsurance accounting is a significant source of errors.
Insurers often maintain three sets of books — statutory, GAAP, and IFRS. Managing all three with the same underlying transaction data requires a sophisticated accounting engine.
IFRS 17 (Insurance Contracts)
GAAP (ASC 944 — Financial Services — Insurance)
NAIC Statutory Accounting Principles (SAP)
Lloyd's of London reporting requirements
IFRS 17
CSM roll-forward automated every period
Three-book accounting
managed from one GL
Claims reserve
movements reconciled automatically
See how Plurafi handles your industry's complexity