What is additional classification in SAP FS-SR - Regulatory reporting for insurance companies?

SAP Term: additional classification

• Component: FS-SR

• Component Name: Regulatory reporting for insurance companies

• Description: Statutory-reporting-specific classifications that are assigned to a capital investment on a key date. These classifications are saved in a separate table. In contrast to SR master data, additional classifications cannot be assigned directly to the asset but rather only in the statutory reporting component. &EXAMPLE& For a stock, the rating category must be assigned as an additional classification.

Smart SAP Assistant

• Key Concepts: 
  Additional classification is a feature of the FS-SR Regulatory Reporting for Insurance Companies component of SAP. It allows users to classify and report on financial data in accordance with the requirements of the insurance industry. This includes the ability to classify and report on assets, liabilities, income, expenses, and other financial information. 
  
  How to use it: 
  To use additional classification, users must first set up the relevant classifications in the system. This can be done by creating a new classification or by using an existing one. Once the classifications have been set up, users can then assign them to the relevant financial data. This will allow them to report on the data in accordance with the requirements of the insurance industry. 
  
  Tips & Tricks: 
  When setting up additional classifications, it is important to ensure that they are accurate and up-to-date. This will ensure that the financial data is reported accurately and in accordance with industry standards. Additionally, it is important to ensure that all relevant classifications are assigned to the relevant financial data. This will ensure that all necessary information is reported correctly. 
  
  Related Information: 
  Additional classification is just one of many features of the FS-SR Regulatory Reporting for Insurance Companies component of SAP. Other features include reporting on capital adequacy, solvency, and other regulatory requirements. Additionally, users can also use this component to generate reports for internal and external stakeholders.