Consist Business Group created a solution for DSK Autobahn

2022: IFRS concurrent accounting of non-current assets

On May 12, 2022, the Consist Business Group, a member of the Lanit group, announced the completion of the project for parallel accounting for non-current assets under IFRS on the basis of the 1C: Holding Management platform, created for the Autobahn road construction company (Autobahn construction and investment holding).

The current process of accounting for non-current assets in the Autobahn holding before the project did not meet the requirements for transparency of accounting: information was collected through buffer files, the process was long and required significant labor. In addition, it was not possible to make rapid updates when the accounting methodology was changed.

Source: avtoban.ru

The management of the financial and economic block of the group of companies decided to automate the process in such a way as to minimize the time and labor costs of reporting, ensure the quality of data within a single system, thereby eliminating the possibility of errors and increasing the transparency of reporting, as well as reducing the cost of external consulting.

As a software product for building the system, "1C: Holding Management 3.0" was chosen, since the financial accounting of holding companies has already been automated on this platform. The project executor was "Consist Business Group," whose specialists have experience in creating systems for preparing consolidated statements under IFRS on various platforms.

During the project, the standard solution was finalized for the customer's requirements, in particular, the calculation of the consolidated adjustment for excluding unrealized profits from the intra-group sale of fixed assets was implemented.

The approach proposed by Consist Business Group to the implementation of the project allowed the specialists of DSK Autobahn JSC to use the functionality for reporting immediately after finalizing the standard solution.

"The implementation of the software is one of the stages of the comprehensive digitalization program adopted by the holding. In the face of the serious consequences of the pandemic and external sanctions, it is the digitalization of business that becomes one of the most important conditions for maintaining stability and further developing the business model of the construction company. We have a solution that allows us to transparently carry out the entire process of preparing the statements of the group of companies in terms of parallel accounting for non-current assets. This greatly reduces the time taken to collect information and the labor involved in making various changes, " says Elena Peteneva, head of department of IFRS DSK Autobahn JSC

"We continue to cooperate with DSC Autobahn JSC and introduce a system for preparing consolidated statements under IFRS. We are glad that our expertise allows customers to receive results from the project and apply them in their activities, " commented by Alexander Golubev, Head of EPM Consist Business Group