Polyus Gold implements the automated solution of preparation of the reporting according to international standards

The Polyus Gold gold mining company completed the project of automation of collecting, processing and consolidation of data of financial statements according to the IFRS standards by means of the solution IBM Cognos TM1. The project is implemented jointly with specialists of the international consulting company Columbus.

Result

Now the accounting information arriving in different forms from subsidiary companies is transformed and stored in a single system. Data on the main forms of financial statements are verified automatically, eliminirovanny data on intra group turnovers and a remaining balance, depreciations of fixed assets, investment calculations and some other indicators are considered. In a unified environment automatic update of the encapsulated data in the reporting is provided, the uniform format supports possibilities of their comparison and the multiple analysis.

In IBM Cognos TM1 exact and up-to-date data of interpretations and disclosures to the main financial statements on each subsidiary company and group in general are available, the change history is stored in structure of accounts, acquisitions and asset retirements, structure of ownership of group. As a result specialists of Polyus Gold quickly create the complete set of financial statements meeting all requirements of the international audit and regulating authorities of Great Britain.