Norebo Holding (1C: Holding Management)

2019: Automation of IFRS Consolidated Reporting

Pre-Project Situation

Project prerequisites

• Historical development of the point automation system
• Different 1C configurations
• Not all NSIs are unified
• Partially automated accounting of VNA under IFRS
• There is no uniform methodology for transformation and preparation of IFRS reporting
• The main tool is numerous Excel reports
• Limited analysis capabilities data

Project task

The task was set: automation of the preparation of consolidated statements according to IFRS standards.

Project Solution and Progress

All companies of the Russian Federation have switched to a single 1C configuration: Accounting. Set up automatic translation of all transactions in 1C: Accounting USD (parallel accounting in USD with initial translation according to IFRS standards).

1C functionality used: 1C: Holding Management:

• Centralization of main reference books
• Parallel accounting of IGV (component accounting, capitalization) and accounting of Loans\Loans (floating% rate, payment schedules)
• Formation of consolidated ODDS (Plan and Actual)
• Set up automatic data transformation, VGO reconciliation, transformation and consolidation adjustments, * formation of consolidated IFRS SALT
• IFRS Summary Reporting and Disclosures Set Up
• The system was put into commercial operation in March 2019.
• The system is supported by IT specialists Norebo

Project results

• 50 subsidiaries participated in the project, 3 reporting periods (years) were fully tested, 80 disclosures to reporting were formed in the system, 42 data entry forms and 24 automatic adjustments were implemented.
• It was possible to significantly reduce the time for preparing and auditing the consolidated IFRS statements