MMK removed the Canadian CaseWare software and switched to the Russian IT system for preparing financial accounting
| Customers: Magnitogorsk Iron and Steel Works (MMK) Magnitogorsk; Metallurgical industry Contractors: Armus Pro Project date: 2024/10
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Magnitogorsk Iron and Steel Works (MMK) successfully completed the transition to the domestic financial reporting system SUMRA, abandoning the use of software from the Canadian company CaseWare. This became known on October 1, 2024.
According to the press service of the Magnitogorsk Metallurgical Plant, the need to replace foreign software arose in connection with the departure of foreign vendors from the Russian market. CaseWare was previously used by MMK for the final stage of reporting - the formation of reporting forms and explanations for them according to international financial reporting standards (IFRS).
The implementation of the new SUMRA system was implemented as soon as possible - only one and a half months between the reporting periods. The project team, consisting of specialists from ARMUS PRO and MMK-Accounting Center LLC, successfully launched the program and transferred management to MMK specialists.
Oksana Samoilova, director of MMK-Accounting Center, noted that the company has already successfully issued IFRS statements in SUMRA for the first quarter and six months of 2024. She also emphasized the convenience of self-tuning the program and adapting reporting to changing legal requirements.
The new SUMRA system allows you to combine all the necessary data on a single platform, conduct automatic reconciliation and casting, and also provides a flexible tool for automated reporting. Thanks to built-in annotation mechanisms, mathematical cross-checks and rounding rules, MMK was able to achieve the main goal - to issue the consolidated financial statements of MMK Group for a minimum period of time using Russian software.
MMK-Accounting Center specialists have already begun setting up the SUMRA system for preparing MMK reporting according to Russian accounting standards (RAS). In the future, it is planned to use SUMRA to prepare RAS statements for the group's subsidiaries.[1]
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