Rosgosstrakh selected the system of accounting for implementation

On November 25, 2015 the CFT company announced Rosgosstrakh an implementation project of a system of accounting and the reporting under the order.

Project Tasks

Since January, 2017 all insurance companies of Russia pass to the unified plan of accounts based on the existing chart of accounts for credit financial institutions - standards of accounting and preparation of the reporting are based on the principles of IFRS.

For transition insurance companies need to change approaches to accounting and preparation of the reporting as the preparing standards of accounting impose essentially other requirements to analytical information of an insurance activity in the system of accounting, approaches to accounting of investments and loans, cuts of accounting of general economy activity change.

Also technology of accounting changes – the concept of pair accounts is entered, and account is kept on 20-unit personal accounts. In the course of transition to the new chart of accounts all companies should change the information systems, and some will make the decision on replacement.

The Rosgosstrakh company considered correct - to execute transition, changing the operating system of accounting operated in the company since 2005, for another, used in the large credit and financial organizations of Russia. A choice was made for benefit of CFT company.

Project Progress

Arkady Absheev, the chief financial officer of JSC Rosgosstrakh, said:

- The choice of CFT as the IT contractor for project implementation on system implementation of accounting is caused, first of all, by existence of positive experience of implementations in the largest credit financial institutions proportional on volumes of transactions with our company. The functionality of a system shown at a choice stage and the expected performance allow to hope for a successful completion of this difficult project in required terms, and transfer of a system to commercial operation.

Andrey Visyashchev, the chairman of the board of the CFT Group|CFT]], noted:

- The CFT company has unique experience of creation of the innovation software products for financial market and implementation of difficult technology projects in the largest bank structures. We are ready to broadcast long-term examination and experience also for non-credit financial institutions, to provide to insurance companies so necessary for them now IT tools for successful transition to a unified plan of accounts.