Russian networks (Rosseti, earlier IDGC Holding) (IBM Cognos Controller)

Rosseti Full-function automation financial of consolidation on is carried out to PJSC IFRS based on software product IBM Cognos Controller.

System implementation was executed by ADE Professional Solutions company.

As a result of implementation of IBM Cognos Controller, Rosseti received full automation of consolidation more than 100 subsidiary companies. The automated functionality includes:

• data collection from the subsidiary and dependent companies with the detailed control of the status of filling of data at head office and also internal control of integrity of data;
• step-by-step reconciliation of intra group turnovers and remaining balance with their subsequent elimination;
• maintaining structure of group and the chronological register of investments allowing to carry out automatic elimination of investments and also calculation of a non-controlling interest of participation;
• automatic transfer of a remaining balance, calculation of retained earnings for IFRS on the basis of the detailed transformational amendments;
• currency converting for consolidation of foreign subsidiaries;
• automatic formation of disclosures to the reporting, including a beater forwards, ODDS and other difficult reports.

As a result of implementation Rosseti considerably accelerated preparation of the reporting under IFRS and increased the frequency of its delivery from annual to semi-annual, and then and to quarterly. In a system the reporting which was prepared manually before that allowed auditors to check methodological correctness of implementation was repeated, and then to reduce labor input of passing of audits.