The tool’s History window provides users with a window where they see all inputs and revisions provided for a certain item. It captures who has made which changes and when. A comparison feature will then highlight any differences between any two versions uploaded.

In addition, the Audit Events Bar captures user activity, but the real value add here is that it provides a simple and efficient method of investigating why a process step has failed. The failure event creates a report highlighting what has been rejected and why with details of the blocker.

Once all actuals and cashflow projections have been entered, discounting is performed to create present values of future cashflows – eFrame then performs the reconciliations for remaining coverage and incurred claims. All calculations are performed in Excel so can be traced through.  The templates provide a dashboard of data validations highlighting which category any failure occurs in.  Validation passes and failures are also provided in eFrame’s handy reporting dashboard.  It also includes key profit lines, KPIs and analysis by portfolio, which can be performed at any level of the hierarchy.

Summarised reports are provided in a table format. For example, a Profit and Loss, an OCI, a balance sheet and the changes in equity with a comparative period.

Finally, eFrame provides the output double entry journals. These can be entirely tailored to include your general ledger codes and descriptions with the corresponding debits and credits.

In summary, eFrame by SecondFloor provides an intuitive, straightforward package ideal for smaller organisations that need a fast deployment of an IFRS17 compliant tool. The small details, such as the guidance on the landing page, the friendly excel interface, the logical sequence of steps and the efficient error resolution methods makes for a very intuitive user journey within eFrame.

Don’t forget to read our IFRS17 Buyer’s Guide.