The consolidated statements according to IFRS prepares in three days

The BI Partner company completed the project on consolidation of financial information and reporting according to IFRS in management company of the Yunilend holding owning grocery retail chain stores Dixy and Megamart.

Now the Yunilend holding performs large-scale development of the regional retail chain stores and prepares for IPO entry into the market. With respect thereto there was a need of obtaining consolidated financial statements according to international standards.

Originally the reporting under IFRS was formed by means of spreadsheets, but because of growth of the company process of consolidation became more and more labor-consuming. The decision on implementation of an automated system of a financial reporting preparation was made.

During preparation of terms of reference the technique of transformation of the consolidated statements from RAS in IFRS taking into account structure of legal entities of holding and rules of reflection of economic transactions was described and developed technical specifications on a system. For collecting of primary information and providing it in management company for all companies entering into holding the developed templates of spreadsheets are used. Loading of primary information includes in the data warehouse a possibility of line-by-line error trapping.

Project implementation took nine weeks. As a result of implementation were implemented as obligatory reports (Balance, Profits and losses, Cash flow, CAPEX, etc.), and a set of analytical reports. Time of obtaining all necessary financial statements was reduced to three days, regardless of the number of legal entities of holding. Obtained management information is used at decision making in financial specialists and the management of holding. Further expansion of systems capabilities on solving of tasks of treasury and marketing is planned.

Technology basis of the solution of steel of Oracle 10g of Database Server and Cognos 8 BI.