Belvneshekonombank automated creation of the reporting under IFRS using R-Style Softlab

The R-Style Softlab company completed the project^[1] of implementation of the business application "RSDH: IFRS" in Belvneshekonombank, Minsk, Belarus. The company was selected according to the results of an open competition: in addition to R-Style Softlab companies SAP, Cognos and also the Belarusian contractors took part in the tender.

The application created on the basis of the platform "by RSDH: The IFRS", will allow to automate all process of creation of the reporting under international standards for representation it in head bank, to external auditors, etc. Besides, use of the solution will increase quality of the processed information and will lower labor costs on release of the reporting conforming to requirements of foreign investors and head bank (Bank of BELVEB is child structure of the Russian Vnesheconombank).

Thanks to this implementation the bank received a full range of reports — about 80 (including notes to the reporting) at which creation results more than 200 adjustments are considered. Unique algorithms of calculation "under bank" with simultaneous observance of requirements of IFRS were developed for their creation.

The solution of such difficult task as consolidation of data from diverse sources became feature of this implementation: Core banking system of bank and other accounting systems, files of different formats (Excel, TXT, XML, etc.). The bank received the effective remedy simplifying creation annual, quarter, and in the long term and the monthly reporting.

Experience and practices, in particular, knowledge of features of the Belarusian accounting and the legislation and also understanding of risks received by R-Style Softlab company during implementation at assessment of similar projects at a planning stage, allow it to offer the services to credit institutions of Republic of Belarus regarding automation of IFRS.

"Transition to the reporting under international standards increases the economic capacity of bank and a banking system in general — Yulia Kvetkina, the director of the department of the analytical systems of R-Style Softlab company commented. — The first requirement which is imposed by foreign investors — reliability of the reporting under IFRS. It should be information on bank complete and clear to them: status of assets and liabilities, credit risks, profitability of these or those banking activities and many other things".

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