IBM Cognos Controller

Magnitogorsk Iron and Steel Works automated financial consolidation on IFRS based on software product IBM Cognos Controller. System implementation was executed by ADE Professional Solutions company.

Earlier MMK used the Compass system working based on one of the user DB, but this system had no required flexibility and did not allow to implement a number of functionality, relevant for Plant. As a result of migration on IBM CognosController, Plant automated the consolidated statements which includes 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;
• preparation of the reporting in two presentation currencies became feature of a system of MMK;
• transfer of comparative actual data in an automated system of preparation of the consolidated budget;
• automatic formation of disclosures to the reporting, including a beater forwards, ODDS and other difficult reports.

Automation allowed MMK to accelerate preparation of the reporting under IFRS and to bring it to monthly frequency.