IFRS15 - What have we learnt?
It is now over a year since many firms went live with IFRS 15 solutions. In this article we want to review what has happened over this time, digest what we have learnt and take a look to the future.
Turning IFRS15 into a business advantage
IFRS15 went live in 2018. It is the new accounting standard for revenue recognition and impacts sectors that sell contract-based products and services, such as Telcos. Several firms implemented new, automated accounting rules solutions like FastPost for IFRS15, but many still use spreadsheets and manual workarounds which are inefficient, error prone and not sustainable.
Telcos constantly deliver rapid innovation to consumers and businesses around the world. Whether this is new 5G services, bundled mobile and data packages or more flexibility in contract terms, all have an impact on backend finance systems and IFRS15 accounting.
FastPost has been live in many global Telcos since 2018. It provides daily IFRS15 accounting for millions of contracts and delivers a fully automated revenue recognition data flow.
FastPost continues to help firms launch new products and services to market in an agile and controlled manner. User defined accounting rules can be easily updated, and the flexible data API allows rapid integration. Major new products launches can be live within full end to end control within a few weeks.
FASTPOST
How FastPost helps you handle IFRS 15
Complexity
FastPost helps to manage IFRS15 complexity – mapping business events against new accounting rules and allowing users to create and implement rules quickly.
On Demand Processing
FastPost uses the latest advancements in memory processing and data storage technology to process and report on millions of transactions in minutes.
Reporting
FastPost handles the increased data granularity of IFRS15, allowing users to obtain improved profitability, lifetime value and planning analytics.
NEWS
Should Insurers consider a Minimal Viable Product (MVP) approach to IFRS17?
We asked an audience of insurance experts whether they’d considered an Out of the Box approach to IFRS17.
Has the further delay to IFRS17 had any effect on projects?
During Legerity’s March IFRS17 webinar, we asked an audience of 200 insurance experts whether further delay to the standard has had any effect on…
Webinar: IFRS17 Out of the Box – A Fast Track to Implementation
Webinar discussing a fast track way to deliver IFRS17 implementation using a pre-configured cloud-based SaaS with minimum disruption and at a…
IFRS17 Webinar – The Challenges of Transition – Practical ways of managing transition
Webinar discussing data & system challenges of IFRS17 transition, and how a best-practice, cloud-based architecture can assist your firm in…
To what extent is your organisation acting on Digital Transformation? We asked an audience of insurance specialists.
At our October IFRS17 webinar, we asked an audience of insurance specialists the extent to which their organisation is acting on Digital…
Will your organisation build or buy their IFRS 17 solution? – We asked 300 insurance specialists.
During our September webinar, we asked 300 insurance specialists whether their firms were building their IFRS 17 solution internally or purchasing…
IFRS 17 Explained
IFRS 17 is complex and many insurance firms feel there is a lack of understanding and training. Watch our latest video and help your company better…
Legerity FastPost helps leading life insurer to automate new financial reporting and disclosures process
Aegon UK has selected Legerity's FastPost IFRS 17 solution to transition to the new International Financial Reporting Standard.
Contact Us
If you would like a member of the Legerity team to get in touch,
please send us your details and we will contact you directly.