The Transgarant company implements the solution of consolidation of the corporate reporting according to the international standard

In Transgarant Firm LLC automation of formation of the consolidated statements according to IFRS by the solution Microtest is completed : IFRS. Integrator in the project Microtest company.

Task

For respect for the principle of transparency of the conducting activity accepted in the head company of the Transport FESCO group, "Transgarant" prepares consolidated financial statements according to international standards. Strict requirements to detailing and reliability of the reporting, frequency and terms of preparation caused need to automate process of its formation using effective specialized programs.

Solution

At a stage of the choice of the software tool specialists of Transgarant conducted a research of the software market and compared several developments for IFRS tasks of parameters: the flexibility of setup, ergonomics, existence of ready techniques of consolidation and transformation of the reporting of holdings and also studied positive experience of implementation. The program and methodical complex "An automated system of collecting, processing and consolidation of data for preparation of the consolidated statements according to IFRS and management accounting for Transgarant Firm LLC based on the 1C: Consolidation 8.2 Prof software product conformed to requirements (further "Microtest: IFRS") for automation of reporting according to international standards.

Implementation "Microtest: By IFRS" it was executed in two stages. At the first stage consultants of Microtest developed methodology which pulls together the principles of management accounting and accounting according to IFRS and also takes into account to the recommendation of auditors about accounting of carriage wheel pairs - an important component of fixed assets of Transgarant. Were as a result developed account policy according to IFRS and the regulations of formation of the consolidated statements, and the accounting systems of the company are adapted to requirements of methodology.

Within the second stage of the project - development and deployment of a centralized system of consolidation of the reporting based on "Microtest: The IFRS" - solve the following tasks:

• data collection of accounting and management accounting;
• reclassifications and transformations of data on the IFRS standards;
• reportings according to IFRS of child structures of Transgarant;
• consolidations of IFRS reporting.

The project is implemented within 11 months.

Result

Using the new Transgarant system had an opportunity to monthly process most detailed information not only on activity of the central division, but also child structures. The reporting using a new system is more reliable and accurately structured therefore allows to keep more accurate accounting of economic transactions and to quickly provide top managers and owners of Transgarant with information on activity of the company.