Rosatom (1C: Consolidation)

2016: Automation of consolidated statements under RAS and IFRS. Budgeting Automation

Project prerequisites

The purpose of the project was to create a repository for the reporting of subsidiaries and a system for preparing consolidated financial statements. Since the State Corporation was formed at the end of 2007, the reporting for 2008, prepared as a result of the project, became the first consolidated financial statements of Rosatom State Corporation.

Project Solution and Progress

Most of the competing solutions considered made it possible to implement only a part of 1C: Consolidation 8 the necessary functionality within a set period of time, and the choice made it possible to count on obtaining full functionality. The scope and uniqueness of the task, as well as the short period allotted for the implementation of the project, required the involvement of third-party partners to develop a methodology and configure a software product, and to process financial information on the organizations of the State Corporation. "Rosatom

The main blocks are implemented on the typical 1C functionality: TRP consolidation:

• Consolidation of RAS
• Transformation and consolidation of IFRS
• Atomenergoprom FKD Plan
• Group budgeting
• Group Medium Term Planning
• Consolidated Taxpayer Group
• VGO Reconciliation Portal

Project results

1C: Consolidation 8 allows you to quickly collect, verify and consolidate reports using several highly qualified specialists of the State Corporation.

The integrator of the project, MKSKOM, has created tools for users that minimize labor costs for compiling consolidated statements for more than 270 organizations of ROSATOM.

With the help of visual charts and statistical forms, the reporting process is easy to control, which ensures compliance with the deadlines for the formation of consolidated financial data. The created information system implements a multi-stage control system to check and eliminate errors in the input data. And due to the fact that most of the calculations during the consolidation of reporting are performed by the program, the influence of the "human factor" is excluded and the accuracy of consolidated reporting is increased.

The consolidation methodology developed by specialists of the Department of Finance and Accounting of ROSATOM State Corporation together with specialists of CIPK provides detailed elimination of the consequences of all intra-group operations, which makes these financial statements more reliable and justified.

In addition, the flexibility of 1C: Consolidation 8 made it possible to use the developed model not only in ROSATOM, but also in a number of sub-holdings to prepare consolidated financial statements. The planned deadlines for the project were met, in many respects this was achieved through effective risk management. The accuracy of the consolidated financial statements is confirmed by an audit report.

The main result of the project is that the management of ROSATOM received an effective and transparent information system that stores the financial and economic statements of subsidiaries and subordinate organizations. To support decision-making on these data, the system allows you to quickly build any non-standard analytical certificates about the financial and economic activities and the state of the State Corporation's organizations, segments and areas of activity.