Wacker Neuson SE (BIT:IFRS 8)

"1C: Accounting and Trade" (BIT) and "Konstanta Auditing company completed implementation of "BIT:IFRS" in Wacker Neuson SE corporation. In a project deliverable broadcast of postings of RAS for reporting according to international standards and accounting in different currencies is configured, reporting time according to IFRS was reduced.

Wacker Neuson SE - the world leader in production of a reliable professional construction equipment, namely high-frequency deep vibrators, external vibrators, vibroskating rinks, vibrating plates, chasers of seams, lighting masts, motor-pumps. Wacker Neuson SE in Europe has 20 branches, and 120 more representations around the world. The Wacker Neuson company makes the wide range of vibroskating rinks, hydrostatic vibroskating rinks and also trench sealants. Vibroskating rinks of Wacker Neuson are irreplaceable at the device of roads, parkings and entrances.

The management of the Russian representative office needed to provide the reporting of the head company to Germany according to IFRS. At the time of implementation "BIT:IFRS 8" the client kept account under RAS in "1C:Enterprise 8", and based on a month transferred the received reporting to international standards of financial statements that was very labor-consuming and is ineffective. Increase in speed of reporting according to IFRS became the purpose of automation.

For project implementation the product "was selected BIT:IFRS 8" as it is easily integrated with a system on the 1C:Enterprise 8 platform, completely corresponds to International Financial Reporting Standards, has flexible configuration (charts of accounts, cards of compliance, the designer reports, budgeting). Also the client took into account wide experience "1C: Accounting and Trade" (BIT) on implementation of this product and reasonable cost.

After market research of the IT companies for project implementation the client according to the recommendation "Konstanta Auditing company selected 1C: Accounting and Trade company (BIT) as the enterprise has successful experience of automation of providing the reporting under IFRS in the international companies.

Product introduction "8" was executed by BIT:IFRS within one month. Employees "Konstanta Auditing company prepared broadcasting methodology from RAS in IFRS and account policy according to IFRS for the purposes of broadcasting. Specialists of 1C: Accounting and Trade company implemented (BIT), configured and trained users.

In a project deliverable users had such opportunities as:

• twice reduction of time of reporting according to IFRS;
• automatic broadcast of postings of RAS for reporting according to international standards;
• accounting in different currencies;
• depreciation on fixed assets and intangible assets is independent according to the Russian and international standards;
• calculation of exchange differences on Russian and to the international charts of accounts;
• formation of financial statements.

Alsou Matulaytis, the chief accountant of Wacker Neuson company tells about results of automation: "We are grateful to specialists "Konstanta and 1s: Bukhuchet i Torgovlya Auditing company (BIT) for professional work. Using a product "BIT:IFRS 8" we had an opportunity to twice reduce terms of preparation of the reporting under IFRS. The interface of the program is simple and clear in use therefore we could master quickly it".