"The diamond fall" handed over the reporting in the XBRL format using the solution of Consist Business Group

2018: Implementation of tools for submission of reports in the XBRL format

On March 12, 2018 company "Diamond fall of NPF" announced application of the industry standard and tools of Consist Business Group based on Microsoft Dynamics NAV and also about submission of reports in the XBRL format to the Central Bank of Russia.

Since 2017 the Central Bank of Russian Federation entered standards of accounting of XBRL – eXtensible Business Reporting Language which is widely applied in the world as the open language developed for electronic exchange of business and financial information. Since January 1, 2018 professional participants of security market, management companies of investment funds, non-state pension funds and other organizations upon the demand of the Central Bank of the Russian Federation begin application of taxonomy of XBRL in full.

Reports in the XBRL format are under construction based on the taksonomiya developed taking into account regulatory requirements to accounting (financial) and supervising records. The Central Bank of Russian Federation put in it about 400 tables and about 50,000 indicators of the reporting. For 2017 consultants of Consist Business Group jointly with private pension fund specialists participated in meetings of the working groups on development of the industry standard of submission of reports to the Central Bank of Russia and executed the first pilot projects on implementation of tools for a number of the companies among which and NPF Almaznaya Osen.

"Representatives of Department of processing of the reporting of the Bank of Russia gave appreciation of the prepared reporting. Our Fund submitted to some of the first the reporting which was loaded into the system of the Bank of Russia without errors, and we are grateful to Consist Business Group for successful cooperation and the high level of technical implementation of a task, important for our business". Ekaterina Filatova, chief accountant of NPF Almaznaya Osen

"Implementation of the standard of submission of reports to the Central Bank of the Russian Federation became the next round of development of our cooperation with NPF Almaznaya Osen. The project team developed target architecture of collecting, processing and data analysis of the organization, designed the corporate data warehouse of sets of accounting (financial) and supervising records, performed together with a team of the customer collecting of diverse indicators from different information subsystems of the company. As a result we implemented in a system a complete information array and an opportunity to hand over all reporting one file in the XBRL format according to requirements of the Central Bank of Russia". Ekaterina Nesterova, manager of projects of Consist Business Group

2017: Creation of a single system of accounting of business activities

Consist Business Group announced in June, 2017 project completion of creation of a single system of accounting of business activities of JSC NPF Almaznaya osen which head office is located in Mirnyi (Sakha (Yakutia) Republic). Within the project the end-to-end system of management based on Microsoft Dynamics is implemented, transactions of processing and accounting of financial instruments and operations with trust management agreements are automated, problems of accounting of new industry standards (OSBU) and problems of formation of a set of accounting, tax and supervising records are solved.

The main premises to start the project was the fact that since 2017 the Central Bank of Russian Federation entered new standards of accounting into NPF. JSC NPF Almaznaya osen made the decision to completely upgrade a management system, and as base selected the specialized solution for NPF Consist Business Group on the Microsoft Dynamics NAV platform.

In a project deliverable with Consist Business Group, JSC NPF Almaznaya osen solved a complex of problems of management of finance: process of budgeting and formation of the management reporting is automated, integration with the CRM system is implemented, data loading from management companies in the volume which allows to create a complete set of accounting and supervising records (both the main forms, and interpretations to them) is implemented, the separate module of accounting of financial instruments, accounting of pair accounts is implemented, processes of closing of year and accounting of transactions after closing of year are automated, tax accounting for own activity and trust management agreements is kept and formation of tax statements is implemented, settlement process and accounting of tax differences and the other functions necessary for accounting on OSBU in full is automated.

The project started in the summer of 2016, and already in the first quarter 2017 the fund automatically created in a new system a set of the accounting records consisting of 4 main forms and 57 applications in compliance with all requirements of the Central Bank of Russian Federation.