The ThyssenKrupp Elevator provides the reporting under IFRS using 1C

1C: Accounting and Trade company (BIT) completed a product implementation project "BIT: Management accounting 8" in ThyssenKrupp Elevator company. In a project deliverable parallel accounting according to IFRS is automated, there was an opportunity to create reports in desirable analytical cuts that was unavailable within spreadsheets. Setup of a subsystem Treasury and Budgeting will become the next stage.

The company monthly provides the reporting under IFRS in parent organization. Before product introduction "BIT: Management accounting 8" the reporting was created in spreadsheets that was excessively labor-consuming and often influence of a human factor led to loss of information. And with growth of sales volume without automation it became impossible to provide the exact and authentic reporting under IFRS.

Product introduction "BIT: Management accounting 8" it is performed within two months. Specialists of 1C: Accounting and Trade company installed (BIT) and configured the program and also trained users.

Results of automation:

• The most exact providing the reporting under IFRS.
• Independent fixed asset accounting and intangible assets separately according to IFRS and under RAS is automated.
• Formation of different types of distributions to the accounts of IFRS irrespective of accounting algorithms, using the mechanism of closing of accounts.

Chesnokova Natalya Vyacheslavovna, the deputy finance director on financial accounting of ThyssenKrupp Elevator company tells about automation results: "It is pleasant to note that implementing solution "BIT: Management accounting 8" does not require big time and monetary expenditure, is easily integrated with already available products on the 1C:Enterprise 8 platform, helps to prepare precisely the reporting under IFRS, does broadcast of accounting in the international accounting on the past, to already closed periods".