"The Renaissance Life" began upgrade of accounting reports under new industry standards

On August 11, 2015 it became known of signing of the contract between insurance company "Renaissance Life" and Homnet Consulting regarding project implementation on automation of accounting reports under new industry standards for insurance companies.

Project Tasks

According to Provisions of the Bank of Russia since 2016 in the territory of the Russian Federation will become effective new standards of accounting (financial) records for non-credit financial institutions which will replace PBU:

• unified plan of accounts for non-credit financial institutions,

• industry standards of accounting for insurance companies,

• industry standards about an order of drawing up and providing insurance companies to accounting (financial) records.

"Renaissance Life", 2014

Project Progress

Within the project Homnet is going to use the solution ": OSK" (Reporting of Insurance Companies).

"Homnet: OSK" is ready to use. In addition to necessary functionality the module contains a set of methodological examples:

• Unified Plan of Accounts (UPA) of the non-credit financial institution (NCFI),

• Accounting on personal accounts,

• The list of the regulated report forms of insurance company with a technique of their filling on the basis of a unified plan of accounts according to new industry standards of accounting (financial) records.

The module is integrated with the solutions "1C: Enterprise Accounting", "1C: Management of insurance company", "Continent: Insurance 8" and others. The module contains integration mechanisms with the majority of systems of accounting of insurance agreements (Oracle, Borlas insurance and dr).

Within the project it is necessary to create the block of preparation of the reporting under IFRS. The main works are planned for the second and third quarters 2015 and since January, 2016 Renaissance of Life will have an opportunity to prepare the reporting under new accounting standards and the consolidated statements under IFRS.