Ascent CC generates reports in 1C-Papyc: XBRL

2021: Using 1C-Papyc: XBRL

The management company Ascent automated the preparation of XBRL reports using the 1C-Papyc: XBRL solution. Complex reports are generated in a couple of clicks. The system itself checks the correct filling and notifies you of errors. This was announced on July 15, 2021 by 1C-Rarus.

The management company "Ascension" manages the mutual investment fund of the same name.

The Ascent Management Company for July 2021 maintains the main record in several decisions:

• 1C-Rarus: Non-credit financial institution ,
• 1C-Rarus: Mutual investment funds ,
• 1C-Rarus: Back Office.

Previously, the company used a free converter to generate XBRL reports. Most operations had to be done manually: update the taxonomy, monitor entry points, check the completed report. It took several days to prepare reports, and it was not certain that the report was completed without errors. Each time the report was submitted, the company risked receiving an order from the Central Bank or a fine.

The company needed an XBRL solution that would help:

• Automate XBRL reporting and avoid errors.
• Reduce reporting effort.

Also, the system should be simple and understandable to users. Among all programs, 1C-Rarus: XBRL optimally met the requirements. The decisive argument in favor of the decision was the certificate of the IxBiAREL Center ANO, which confirms compliance with the requirements established by the XBRL specifications and documents:

• "Rules for reporting in XBRL format and its submission to the Bank of Russia";
• "Procedure for voluntary certification of software products of IT solution developers for XBRL."

1C-Rarus specialists, with whom Ascent Management Company has long been cooperating, helped introduce and configure an industry solution.

Project Results

• Data is automatically downloaded from your account program. The taxonomy version, entry point, period, and organization are determined from the downloadable, file reducing the likelihood that the report package will be incorrectly generated.
• All reports are checked by the system. An express check of each report form allows you to find errors during the fill-in phase before the entire report package is validated. After verification, a protocol is generated with errors that can be corrected manually.
• The editor allows you to populate a report based on previous reports. This saves time for the introduction of constant indicators, for example, information about the organization. Splitting report preparation between employees also helps speed up the process.
• 1C-Rarus: XBRL stores reports for previous periods. You can group them, select them, and define the presentation. This makes it easier to find key figures from previous periods. For each measure, you can view the period, context, bit, and value.
• In large tables, empty rows are hidden, making it even easier to view and populate reports.
• The solution allows you to override table periods. Overridden values are automatically reported.
• Reports generated for each fund and verified with a special deputy can be combined into a common package for sending to the Central Bank.