OSG Records Management automated process of reporting based on "Homnet: IFRS"

Dynamic development of OSG Records Management company required to provide drawing up the authentic and transparent consolidated statements according to international standards on all branches and representations.

The financial controller of OSG Records Management group of Semyonov Ekaterina tells about selection process of a system: "We made the decision to automate this process and held a number of negotiations, considered the specialized IT solutions developed on the 1C:Enterprise 8 platform. A choice was made for benefit of Homnet Consulting company which specialists suggested to implement the software product of own development – "Homnet: IFRS".

The project is decided to be executed in several stages:

• the first – automation of process of report generation according to IFRS;
• the second – automation of formation of the consolidated statements according to IFRS;
• the third – budgeting automation.

Specialists OSG Records Management independently, with consulting support of Homnet Consulting company, implemented at head office a system "Homnet: IFRS" also performed integration into the 1C: Accounting 8 program.

Today the first stage of the project is successfully completed. The implemented system "Homnet:" provided to IFRS the companies:

• accounting and preparation of individual financial statements according to the principles of IFRS;
• parallel accounting (broadcasting) of postings of a subsystem of accounting by rules which are flexibly configured by users;
• the isolated accounting of some sections of accounting where accounting by rules IFRS and the Russian accounting are different (for example, fixed asset accounting and intangible assets);
• maintaining separate procedural (revaluation of currency, closing of month) and economic transactions for the purposes of the international accounting;
• fixation of changes of data on IFRS during reporting, at a possibility of change of data of the Russian accounting.

Six people became users of a system.

"Our specialists estimated convenience of work in the program "Homnet: IFRS", separately noted convenience of fixed asset accounting according to international standards (IFRS 16 Property, Plant and Equipment)", - Semyonova Ekaterina noted.

Thanks to the universal mechanism of formation of credentials in an IFRS subsystem specialists OSG Records Management keep account directly in an IFRS subsystem on those sections which cannot be transferred from the Russian accounting: OS, intangible assets, RBP, revaluation, impairment.

At the moment there is a preparation for implementation of the next stages of the project: automation of formation of the consolidated statements according to IFRS and budgetings. These works will be performed together with Homnet Consulting company.