Highest League implemented software for the reporting according to IFRS

Homnet started in the fall of 2012 implementation project implementation "Homnet: IFRS" for the purposes of conducting management accounting according to IFRS, automation of functions of financial planning and treasury at the central office The Highest League LLC.

Network of sports shops "The Highest League" — the largest retail network among the sports companies of the South of Russia. The company is founded in 1995, the branch network integrates more than 60 shops in 17 cities. The headquarters is located in Krasnodar.

Before financial department of The Highest League LLC there was a question of reporting according to IFRS for providing complete and transparent information to investors of the company. Also the detailed methodology of conducting management accounting according to IFRS of the company was necessary for the staff of finance division. Having studied possibilities of implementation and use during the financial and economic activity "Homnet: IFRS" for the purposes of conducting management accounting according to IFRS, automation of functions of financial planning and treasury, The Highest League LLC Homnet made the decision on automation of the enterprise based on ": IFRS".

Solution "Homnet: The IFRS" allow to organize an end-to-end information system for conducting management accounting according to IFRS, automation of functions of treasury and budgeting. This application solution is created by a common information space for display of financial and economic activity of the enterprise, covering the main business processes. At the same time access to the stored data and also possibilities of these or those actions depending on the status of workers is accurately differentiated. The solution is developed on a modern technology platform of 1C:Enterprise 8. High reliability and performance of the application solution, scalability, creation of the geographically distributed systems, integration with other information systems is provided. The internal device of the application solution is completely open for studying and setup under specific requirements of the enterprise.

Within the project implementation "Homnet will be executed: IFRS" at the main office The Highest League LLC in the city of Krasnodar. Shops of the company are located in different regions of Russia. Employees in regions will have remote access to a system. It is going to automate about 50 jobs.

The implementation project includes the next stages:

• · Development of methodology of accounting according to IFRS. Preparation and approval of methodology of accounting according to IFRS: chart of accounts, look-up table of accounts, procedure declaration of filling of forms of the reporting
• · Automation of management accounting according to IFRS. Setup of the mechanism of expense allocation. Completion of a system for automation of separate blocks of parallel accounting according to IFRS. Setup of the chart of accounts of management accounting. Setup of correspondence rules. Setup of forms of managerial reports. Setup of a packet of reports on IFRS. Setup of access rights of users.
• · Carrying out user training.
• · Automation of Budgeting and Treasury blocks.

As a result of implementation of the program "Homnet: IFRS" The Highest League company will receive the flexible information system allowing to create reports according to corporate standards of management accounting. Time for reporting will also significantly be reduced, and labor costs of employees will decrease.

End of the Project

On June 25, 2013 the company contractor announced implementation project completion "to Homnet: IFRS" in The Highest League company.

During the project:

• the chart of accounts of management accounting according to IFRS is developed,
• report forms of management accounting and IFRS, technique of filling of report forms are developed,
• the regulated reference books of cost items, cash flows, divisions and the analyst are developed,
• the list of economic transactions of management accounting and accounting according to IFRS, techniques of their reflection in the program is developed,
• account policy of management accounting and accounting according to IFRS is developed,
• techniques of consolidation of the reporting under group, rules of determination of intra group turnovers are developed.

As a result:

• the formalized requirements to process of preparation of the reporting, conducting management accounting and accounting according to IFRS are received,
• the formalized requirements to the automated system of management accounting and accounting according to IFRS are received.