AT Consulting implemented the IT system of preparation of financial statements in Evrotsement group

Prerequisites

In 2011 the Evrotsement group holding automated processes of formation of consolidated financial statements according to IFRS. In a project deliverable it was created and a system based on Oracle Hyperion Financial Data Quality Management in which consolidation processes were automated was successfully used. Within development and further process automation of preparation of financial statements according to IFRS the decision on system implementation of transformation of credentials was made.

Objectives

Development of functionality of a system, process automation of preparation of financial statements according to IFRS.

Tasks

• Updating and documentation of methodology of transformation and bringing individual statements of RAS (Russian accounting standards) to IFRS
• Implementation of formation of individual statements according to IFRS
• Implementation of model of transformation of the reporting of RAS in IFRS
• Solution integration with the system of consolidation by means of Oracle Hyperion Financial Data Quality Management
• Setup and testing of model of formation of individual statements in Oracle Hyperion

Project Progress

The project on process automation of transformation of the reporting started at the end of 2013. The company AT Consulting, Oracle Platinum Partner acted as the partner in the project. The new functionality of a system was implemented by the fall of 2014.

Result

In a project deliverable in Evrotsement group processes of transformation of consolidated financial statements in compliance of co are automated by the IFRS standards. The created system allows to transform reporting data of the enterprises entering into holding from RAS to IFRS, to prepare on all enterprises individual statements according to IFRS and to transfer data retrieveds to the system of financial consolidation.

"We consistently develop an automated system of preparation of financial statements on the basis of Oracle Hyperion Financial Management. Already now the effect of the project is visible: the quantity of errors from manual entry of data was reduced, the term of preparation of the reporting decreased. The solution also gives the chance to the management of holding quickly to get acquainted with information on the consolidated result and activity of our enterprises", – the head of department of the international consolidated statements of Evrotsement group comments on Alexander Kryuko.

"The project success in many respects depended on harmonious work of a joint implementation team, at the same time it would be desirable to note high extent of participation of staff of Evrotsement group. We densely interacted with specialists of holding: approved the program of development of a system in the management, got technical support from the IT block, quickly approved tasks with department of the international consolidated statements. Such approach allowed to lower project risks and to quickly implement necessary functionality", – Yulia Zakharova, the project manager, AT Consulting notes.

"The operational perfection becomes not an exception, but regulation for the enterprises practically of all industries. And we are glad to provide our best solutions to Evrotsement group. We are convinced that the Oracle Hyperion business platform will become a source of competitive advantages and forward development of one of the largest producers of cement in the world", – Artur Hamidullin, the director of the department of preproject consulting of business applications, Oracle CIS says.