AFLAC Hedge Accounting with SAP FAM. October 24, 2018
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1 AFLAC Hedge Accounting with SAP FAM October 24, 2018
2 Agenda At A Glance AFLAC COMPIRICUS SAP FAM Journey Hedge Accounting Lessons Learned 2
3 Abbreviated History of Aflac 3
4 The Japan-Aflac Connection 4
5 COMPIRICUS at a Glance Clients Focus Locations Team Our Company Portfolio Your Benefits Founded in 2009 as a team of experienced consultants and software developers Committed to Services and Solutions for Treasury, Asset & Risk Management Offices in Frankfurt, Dusseldorf (Germany) and Boston (USA) Preferred Partner for SAP FAM/TRM, service and content provider for the Spanish, Italian and US statutory reporting for insurance companies Products, Solutions and Services for Asset, Risk and Treasury Management International Accounting Cash and Liquidity Management Methods for Asset Management Treasury Controlling & Compliance Internal and External Reporting Excellent consulting with more than 20 years of experience in the area of management and accounting of financial products Holistic solutions and services related to Treasury and Asset Management from one single source You benefit from our portfolio of innovative solutions for e.g. Electronic Bank Statement, Capital Asset Controlling interfaces to trading systems (360T, Bloomberg, SimCorp etc.) 5
6 COMPIRICUS Solutions and Services Management Consulting Simplify your day-to-day business with COMPIRICUS proven SAP Treasury and Asset Management Solutions Project Management Implementation SAP TRM Module Specialized in Solutions Add-ons (extract of latest developments) 6
7 Agenda At A Glance AFLAC COMPIRICUS SAP FAM Journey Hedge Accounting Lessons Learned 7
8 Business Drivers 8 Two regional IT solutions Japan was on an in-house developed solution which had reached its end of life U.S. was on a vendor platform Duplication of assets Consolidated reporting for U.S. GAAP, STAT and TAX Local reporting for FSA, JGAAP and JTAX Duplication of middle office functions Security Master Transactions Pricing Corporate Actions Two regional IT solutions No solution for derivatives and FX FWD No hedge accounting solution No data warehouse solution for a single version of the truth Limited functional coverage for complicated investment products Bank Loans, MML, CML, TRE, Infra. Structure Debt Alternatives
9 SAP FAM Business and Functional Benefits 9
10 Challenges Multi-Basis Accounting 2 GAAP, 2 Regulatory, 3 Tax related valuation areas Staged implementation by region transition to global process/system Differing requirements between entities (lot level vs. average cost) 10
11 Agenda At A Glance AFLAC COMPIRICUS SAP FAM Journey Hedge Accounting Lessons Learned 11
12 Summary of Hedge Accounting requirements Hedge USD investments for FX risk (in Japan subsidiary) Hedge instruments are FX-Forwards and FX-Options (Collars) Hedging is based on lots, maintained in the US Valuation Areas Fair Value Hedge Accounting One instrument (Forward / Collar) is used to hedge multiple lots Ability to adjust hedge accounting for early termination of hedge instrument Calculate and post qualifying hedge vs. freestanding portions Robust reporting Requirements varied by valuation areas 12
13 Foreign Exchange Hedge Hedge Instrument FX Forward FX Option (plain vanilla, as collar) Cross Currency Swaps Hedged Item USD Straight Bonds (Available for Sale) (FX risk is hedged, based on the Market Value) USD Equity Investment (Available for Sale) (Market Value of the whole trust, not on the separate items) Bond Groups only contain Items of the same group. FX-Forward: Bond: Valuation posting split into effective part and free standing part (based on designated volumes) Hedge adjustment posting based on spot calculation (change of FX rate during the evaluation period (based on designated market value) Adjustment of hedge relationship (market value of bond positions) 13
14 Customization Hedge Workbench Processing of Bond decrease Early termination of Hedge Relationship Manage active hedge relationships Mass processing of effectiveness tests Designated BW data source 14
15 Agenda At A Glance AFLAC COMPIRICUS SAP FAM Journey Hedge Accounting Lessons Learned 15
16 Lessons Learned Data, Data and Data: 60% of the project involved data Single version of the truth was far from the truth Data sprawl - Multiple locations and different formats Sourcing historical data Data conversion and mapping is never simple Resource Challenges: Balancing Day-Time Job versus Project Work To write business requirements To develop test cases To document KOP To perform UAT To perform parallel testing Others: Difficulty of retro-fitting Japan accounting to work for U.S. accounting Paradigm Shift - Going from regional processes to global processes SAP FAM is highly configurable, but it comes with a price It s a complicated system Limited FAM experts Accounting system migration is a BIG effort!!!! Better to over plan the work and overestimate the time! 16
17 Appendix 17
18 HA for Positions: based on hedge amortized cost SAP standard functionality for FVH (investment) Market Value Credit Spread (OCI) Hedge Adjustment (P&L) OCI Amortization (P&L) Hedge Interest Result (P&L) Book value equals Market Value, separation of valuation (OCI and P&L components) 18 Designation Key Date Valuation
19 COMPIRICUS Online Visit our website and our social media channels (Click on symbols) 19
20 Don t hesitate to contact us Howard Chin Managing Director COMPIRICUS INC. Independence Wharf 470 Atlantic Avenue, 4th Floor Boston, MA USA M Howard.Chin@compiricus.com Simplify your day-to-day business with COMPIRICUS proven SAP Treasury and Asset Management Solutions
21 21
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