London. 22nd April 2021: Buruj Cooperative Insurance, has selected Legerity’s FastPost Express for IFRS17 solution for its Personal and Commercial lines of business to help it transition to the new International Financial Reporting Standard for insurance (IFRS17). It will also use FastPost Express for IFRS9 accounting for financial instruments. Legerity will work jointly with a team from EY on the implementation and project delivery. The new IFRS17 standard takes effect from January 2023 and is one of the most significant changes to accounting in the insurance sector in years. IFRS9 is also required by the IASB for insurers from January 2023.

FastPost Express is a third-generation accounting rules platform. It provides best practice, out of the box configuration, ensuring a fast and effective route to deliver these new complex accounting standards for all sizes of general, life and reinsurance firms.