"Yandex" prepares the reporting according to US GAAP in "Homnet: IFRS"

For automation of formation of financial statements according to the US GAAP standards and accounting Yandex Company implemented software products "Homnet: IFRS" and "1C: Accounting 8".

With assistance of specialists Homnet Consulting the staff of Department of 1C of Yandex Company successfully implemented programs and provided user training and also executed necessary completions of a system according to requirements of staff of financial department of Yandex Company.

At the moment a system provides:

• accounting and preparation of financial statements according to the principles of US GAAP;
• parallel accounting (broadcasting) of postings of a subsystem of accounting by rules which are flexibly configured by users;
• the isolated accounting of some sections of accounting where accounting by the rules US GAAP and the Russian accounting are different (for example, fixed asset accounting and intangible assets);
• maintaining separate procedural (revaluation of currency, closing of month) and economic transactions for the purposes of the international accounting;
• fixation of changes of data on US GAAP during reporting, at a possibility of change of data of the Russian accounting.

"Yandex" keeps parallel account of business activities according to US GAAP on the basis of the Russian accounting that is a convenient and effective method of preparation of the reporting; promoting reduction of risks of emergence of errors and allowing to save labor costs and temporary resources.

The current number of users of the information system created based on "Homnet: IFRS" – more than 20 employees of financial department. The Homnet Consulting company renders services in a system support and maintenance.

Summing up the project results, the staff of Yandex Company noted that implementation and automation of accounting according to the US GAAP standards allowed them to obtain operational and reliable data for company management that played an important role by preparation of the company for an exit to the IPO.

In cooperation about Homnet Consulting the company achieved desirable results from implementation of software products on the 1C:Enterprise 8 platform.

"Yandex" separately noted professionalism, experience and the systematized approach of employees Homnet Consulting in project implementation of automation of international financial accounting.