Homnet: IFRS in the Agrocenter

In the spring of 2012 the first stage of the project on creation of a common information space between 10 branches of the company using "Homnet was completed: IFRS". Specialists Homnet Consulting created the mechanism of preparation of the reporting under IFRS for head office of the company and configured data exchange between branches and the central division.

The Agrocentre company works since 2011 and supplies agricultural machinery and the equipment of world leading manufacturers to the Russian market, makes complex service maintenance, repairs of any complexity and delivery of spare parts. Agrocentre is an official dealer of leaders of world agricultural mechanical engineering: Challenger, Vaderstad, JCB, Kverneland Group, Strautmann, Schulte, Degelman, Einbock, Hansenhof electronic, AGI, GEA Farm Technologies, MX, Gustrower.

The reporting according to International Financial Reporting Standards for the founders and investors and also the consolidated statements according to IFRS on group was required to keep Agrocentre companies.

The company management made the decision on implementation of the specialized software product for automation of formation of financial statements according to IFRS. For this purpose specialists of the company carried out market monitoring of IT solutions. As a result of contrastive analysis of possible products a system "was selected by Homnet: IFRS". Before implementation "Homnet: IFRS" the staff of the company made the reporting using spreadsheets of Microsoft Excel.

Within the first stage of the project specialists successfully implemented Homnet Consulting "Homnet: IFRS" at head office of the company also configured the mechanism of preparation of the reporting under IFRS and also configured data exchange between 10 branches and the central office.

System implementation "Homnet:" should provide IFRS:

• accounting and preparation of individual financial statements according to the principles of IFRS;
• parallel accounting 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 rules IFRS and the Russian accounting are different;
• 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 IFRS during reporting, at a possibility of change of data of the Russian accounting.

Users of the information system created based on "Homnet: IFRS" and "1C: Accounting CORP" there were 2 employees of the company.

In the near future is going to begin the second stage – setup of mechanisms of preparation of the reporting under IFRS in branches. This stage will be implemented by specialists of Agrocentre with advisory support of the company "1C: Homnet Consulting".