Tom Crawford, CEO
What is the similarity between icebergs and IFRS 16 and IFRS 17 compliance? One may say that there is no similarity at all. However, IFRS 16 and IFRS 17 compliance makes financial experts worry as much as a ship’s captain would worry at the sight of an iceberg. In both the cases, there is much more lurking below the surface. Despite the intention to streamline financial recordkeeping and transactions, the problem with the implementation of these financial standards is the wide variety of compliance requirements and the limited understanding of both the financial reporting standards. Also, industries like logistics, retail, telecoms, CPG, oil and gas, manufacturing, technology, and financial services have complex lease accounting. Given the current situation, if companies are to implement IFRS 16 and IFRS 17, they need software and applications to ease the implementation process, while expert guiding hands take them through the process.
As a global financial software specialist, Aptitude Software equips CFOs of small to large organizations with competitive advantages by streamlining and automating the IFRS 16 and IFRS 17 implementation process. Aptitude Software has been one of the key players in the financial software marketplace serving CFOs in top global companies for over 20 years. Main strengths of the company lie in their finance domain expertise, innovative software products, and a laser-sharp focus on the CFO’s needs.
To tackle the complexity of IFRS 16 implementation, Aptitude has devised a 'Leaseberg Index.' Tom Crawford, CEO of Aptitude Software, explains, “Leaseberg Index illuminates the accounting complexity in each of the business verticals.” Based on the index analysis, Aptitude models the most complex lease accounting scenarios and offers specific solutions to each of the sectors. The company integrates lease contract data via lease management systems, Excel, or manual entry, to ease the transition process.
It does not matter what size your company is. Equipped with our proprietary tools and a team of financial process experts, we are ready to serve CFOs of small to large companies
Then Aptitude delivers multi-GAAP, multi-entity, multi-currency lessee and lessor accounting and generates trial balances on the individual lease contract, component, or portfolios while producing customizable disclosure reports to client companies.
On the other hand, “out-of-the-box” IFRS 17 project accelerators include IFRS 17 accounting templates, insurance finance data model, insurance accounting sub-ledger, integration with existing financial systems and deployment across a client’s chosen technology stack. Recently, Aptitude has put the project accelerators in use while helping a big global reinsurer to get the IFRS 17 compliance off the ground. The challenges for this particular client were: disparate data marts; lack of connection between policy, actuarial, and general ledger; manual reconciliation; and limited transparency from reporting to underlying detail. Aptitude’s solution combined a powerful data standardization and integration layer with their packaged Allocation Engine and Accounting Hub. Using the combination of tools offered by Aptitude and with their expert guidance, the reinsurer made the cut in IFRS 17 implementation in a short period.
In its journey to make IFRS 16 and IFRS 17 compliance easy for companies of different sizes, Aptitude has established its presence as a force to reckon with in the global market of financial software providers. The innovative suite of solutions has made the company competent to deliver services on par with larger financial technology vendors in the world. And given its popularity among the CFOs, it does not come as a surprise that more and more financial officers are seeking Aptitude Software’s services. Crawford voices optimism for the financial officers and IFRS 16 and IFRS 17 compliance, “It does not matter what size your company is. Equipped with our proprietary tools and a team of financial process experts, we are ready to serve CFOs of small to large companies.”