Tops Consulting completed the project of automation of preparation of IFRS for Tricolor TV based on Microsoft Dynamics AX

May 5, 2015. The Tops Consulting company announced project completion of automation of preparation of regular financial statements according to the IFRS standards for Tricolor TV (the NAO National Satellite Company). The project is implemented using the specialized solution of Tops Consulting on accounting and collecting of financial statements on Microsoft Dynamics AX 2012 R3 platform.

Project Objective

Project objective of automation of preparation of financial statements according to IFRS, Tricolor TV initiated by the management in the middle of 2014, was providing heads and shareholders of the company with complete and reliable information about a current status of business for further acceptance of management decisions. The tool for the automated formation of a packet of the reporting under IFRS had to reduce time of reporting and increase the accuracy and transparency of the created data.

Choosing a Solution

As the partner the Tops Consulting company was selected. Inna Sapunova, the deputy finance director on management accounting of Tricolor TV comments: "The decision on the choice of Tops Consulting was influenced by a set of factors: long-term experience of automation of a financial circuit for the large companies, the set of positive reviews, obvious profound knowledge in the field of financial accounting shown at a stage of the choice of the partner. The important role was played also by existence of the specialized solution for preparation of the reporting under IFRS on Microsoft Dynamics AX 2012".

Project Progress

The solution implemented by Tops Consulting within the project is intended for conducting accounting procedures and preparation of the reporting (including, consolidated) the companies and holdings according to requirements of IFRS based on the ERP system of Microsoft Dynamics AX. The flexibility and adaptability of the solution allows not only to provide transformation of data of national accounting with the further automated calculation of adjustments and reporting, but also conducting parallel accounting on, other than national, to standards. Use of the solution increases efficiency and quality of reporting due to the maximum automation of stages of accounting, broadcasting, automatic calculation of adjustments, consolidation, formation and the statement of report forms and interpretations to them. The solution allows to receive the most transparent accounting procedures and to provide a reporting audiruyemost.

Result

Project duration was only 7 months. The following tasks were during this time successfully solved:

• Maintaining the chart of accounts of national accounting and accounting according to IFRS and enough financial the analyst for the purposes of reporting;
• The automated calculation of separate types of adjustments with a possibility of setup by users of a system of new adjustments or changes of an algorithm of calculation of existing);
• Calculation of the deferred taxes by a balance sheet method with a possibility of storage of the settlement file in a system and automatic formation of adjustment according to IFRS; Monthly and annual closing and calculation of a financial result;
• Formation of a packet of IFRS (4 reports and disclosures) with a possibility of flexible configuration of new reports and corrections of existing;
• Possibility of flexible configuration by the user of an algorithm of transformation of data of RAS into accounts of IFRS with preserving of information on the account source of RAS in postings of IFRS.

Works on import of NSI (normative reference information) and turnovers of national accounting from the Data warehouse in Microsoft Dynamics AX 2012 R3 system and to export of the planned/actual data created according to IFRS in a budgeting system and BI are also performed. The project went according to the adapted methodology of Microsoft Sure Step (the methodology allows teams of consultants to raise the service layer, rendered to clients, due to decrease in total ownership cost the solution (TCO), defining key processes, tasks and results for each of stages of the project, a role of project participants and the approaches which proved the efficiency).

In a project deliverable the company had an opportunity several times quicker to create a packet of the obligatory reporting by forces of one specialist, representatives of the company integrator reported TAdviser.

"We thank experts of TOPS Consulting for professional work. Thanks to their knowledge and experience, both in the field of finance consulting, and in the field of process automation on the 2012th version of Microsoft Dynamics AX, the project was executed in only 7 months and, the main thing, allowed us to achieve all effective objectives. In two months we processed and collected a complete packet of the reporting for 2014, in the first week of February the packet for January, 2015 was already ready. And only one person can prepare all necessary reporting now!", – Inna Sapunova shares impressions.

"The appreciation of results of the project is, first of all, a result of joint work and common efforts of staff of the company, our clients and partners. We are grateful for support and the trust put in us, and we will continue to develop in return to propose to our clients only the best solutions and the best service", – Vladimir Tarasenko, the commercial director of Tops Consulting company comments.