For what purpose VTB Insurance automates preparation of the reporting according to IFRS

On September 21, 2015 it became known of the agreement between VTB Insurance and Homnet Consulting on the project of automation of preparation of the reporting under industry standards and the reporting according to IFRS for the subsequent consolidation of the reporting of VTB Group^[1].

Project Tasks

The tasks connected with entry into force in 2016 of industry standards of financial statements became premises by the beginning of cooperation of the companies.

VTB Insurance, 2014

Main objective of the begun project - automation of preparation of the reporting according to industry standards of accounting (financial) records VTB Insurance.

In 2016 will become effective Polozheniyabank of Russia regarding preparation of financial statements by insurance companies according to IFRS:

• unified plan of accounts for not credit financial institutions;

• the industry standard of accounting for insurance companies;

• the industry standard about an order of drawing up and providing insurers to accounting (financial) records;

• industry standards which are based on IFRS (fixed assets, intangible assets, stocks, securities, the deferred taxes, the derivative financial instruments, employee benefits, accounting of income and expenses, lease, hedging and others).

Additional project task - reduction of labor costs on preparation of the consolidated statements according to IFRS for the subsequent consolidation of the reporting of VTB Group.

Solving assigned tasks the management VTB Insurance selected Homnet Consulting company.

Project Progress

Specialists of the contractor offered implementation of the module "to Homnet: OSK" for conducting the automated accounting according to standards and IFRS on the new chart of accounts and to prepare the reporting, using the available data of the accounting program.

Until the end of 2015 adaptation of the software product "Homnet is planned : OSK" and the methodology prepared by specialists Homnet Consulting under features of accounting in VTB Insurance, settings and completions in a system.

At the beginning of 2016 input of a remaining balance by the new chart of accounts and the chart of accounts according to IFRS is planned. Within experienced and production operation in a system the reporting under new standards and the consolidated statements under IFRS for VTB Group for the I quarter 2016 will be prepared.

Notes