"The joint specialized depositary" prepares financial statements using XBRL Factory

2019: Formation of financial statements using XBRL Factory

On May 6, 2019 the Sintegro consulting company reported that JSC Joint Specialized Depositary prepares financial statements using XBRL Factory.

According to the company, JSC OSD and Sintegro consulting already cooperated within system implementation of Sintegro of OSBU. For formation of accounting financial and supervising and statistical reportings in a XBRL format JSC OSD made the decision also to use a product of the developer - "XBRL Factory". Existence in structure of a product of a subsystem Reconciliation provides observance of requirements of the Bank of Russia for signing of the reporting of management company by specialized depositary based on reconciliation of XBRL reports of UK with data of specialized depositary.

Within the project autocompletion of a quarter packet of forms of the reporting (only 61 forms) is configured. Regular submission of reports in the XBRL format from 1 quarter 2018 became result of works. The procedure of reconciliation of the reporting of UK is automated and since May, 2018 Reconciliation is completely carried out in a subsystem. Comparison of documents is carried out in more than two hundred mutual investment funds.

Cooperation of the companies continues within the agreement of support of a system.

2018

Optimization of financial accounting based on Sintegro of OSBU

On July 9, 2018 Sintegro consulting announced project completion on optimization of financial accounting for "The joint specialized depositary" according to the contract signed in December, 2017 on complex automation of accounting on OSBU based on the program of integrator — Sintegro OSBU.

According to representatives of Sintegro consulting company a system is designed on the basis of the 1C: Holding Management configuration. The functionality of the solution was complemented with algorithms for reflection of economic operations on EPS. The program is regularly updated and includes base for further creation of unified information environment for holding structures.

Also according to the statement of predstvitel work in the program gives the chance to correctly reflect objects of economic life in accounting. Automation of the block of work with financial instruments allowed to refuse manual calculations completely.

In a project deliverable we received flexible adaptive system for independent accounting, preparation and submission of reports according to EPS and requirements of the legislation for OSBU which became effective since January 1, 2017. Victoria Kuvshinova, chief accountant of OSD

Delivery of the third supervising statistical reporting in the XBRL format

Sintegro consulting announced on April 3, 2018 completion of the third obligatory delivery of the supervising statistical reporting (SSR) by the clients in the XBRL format. According to the statement of the company, all packets of reports were checked and approved by the Central Bank of Russian Federation.

Transfer of NFO on XBRL is the large-scale project of the Central Bank of the Russian Federation designed to reduce load of the accountable organizations

As you know, the most part of the non-credit financial institution (NCFI) since 2018 is obliged to hand over accounting and financial statements in the Central Bank of the Russian Federation in the XBRL format (eXtensible Business Reporting Language — "expanded language of the business reporting"). This project of the Central Bank in general is designed to reduce load of the accountable organizations due to decrease in volume of the transmitted data and the number of reports. Nevertheless, work with the XBRL format requires the special software.

Sintegro consulting proposed to clients own solution — "XBRL Factory" which developed during the whole 2017. Throughout this time experts of Sintegro consulting conducted a pilot project on automation of XBRL (to the introduction of standards in legal force) and were present at all working meetings of the Central Bank of the Russian Federation where the regulator directly rendered consultations to vendors and NFO.

In February and March, 2018 of NFO handed over ten - and 30-days reportings for January and February respectively. Sintegro consulting helped the clients to transfer financial information to the XBRL format.

Creating Fabirka XBRL, we made use of the long-term experience of automation of financial systems on OSBU, EPS and MSFO. Thanks to team of experts, methodologists and developers in our client sheet on XBRL already 20 large companies — Sergey Tushev, the CEO of Sintegro consulting noted.

Among the companies which selected Fabirka XBRL for transition to the XBRL format — "Joint Specialized Depositary" and Univer investment group.

The regulated reporting was prepared using the solution "XBRL Factory". Thanks to dense interaction with a project team we regularly received updates and completions of the solution under the tasks. Main outcome: successfully handed over to a sales tax for January and February. The solution allows to load correct data, to visualize them and to unload the report of XBRL — Eduard Marushchak, the deputy CEO "The joint specialized depositary" told about the first submission of reports.

It is important for us that XBRL Factory has a simple and clear interface, the fast support service and, the main thing, the program is integrated into 1C that allows us to automate many processes — Kirill Filonov, the specialist in internal control of Univer investment group shared opinion on a product.

According to Sintegro consulting, as of April 3 all data transferred by clients are accepted by the Central Bank of the Russian Federation and do not require additional completions and amendments.