Irkutskenergo (1C: Consolidation)

2014-2015

The Rice company developed the system of formation of consolidated financial statements according to IFRS on the 1C: Consolidation 8 PROF platform for Irkutskenergo.

Project Tasks

Main objectives of development and deployment of a system were:

• reduction of terms of preparation and quality improvement of consolidated financial statements of Irkutskenergo according to the IFRS standards;
• standardization of the normative reference information providing formation of consolidated financial statements according to the IFRS standards;
• formation of the management reporting on the Irkutskenergo group on the basis of consolidated financial statements according to IFRS.

Project Steps

Within the project a system is created and implemented in 37 structural divisions of Irkutskenergo Group. A system is completely implemented for 6 stages:

1. System design. In its framework the project management plan is created and technical specifications on all implemented subsystems are written.
2. Development and setup of management subsystems of NSI and reconciliation of VGO. In its framework modules of Reconciliation of VGO, NSI, and elimination of VGO are implemented. Also from the MS Excel transformational adjustments and data on Trial Balance are loaded into a system.
3. Development and setup of a subsystem of transformation and consolidation of the reporting. In its framework modules of transformational and consolidation adjustments and also the module of unloading of financial performance in SMART are developed the user guide and the system administrator.
4. Obtaining actual data from the corporate accounting systems (KSU) and the external accounting system (EAS). In its framework are implemented the module of data loading of RAS from KSU and VUS in a System and also the module of interpretation of data from a System in KSU and VUS is configured.
5. Non-financial data and unloading in SMART. The unloading module in SMART of non-financial indicators is implemented and also non-financial forms are developed for data entry.
6. Preparation and carrying out trial operation, including with the automated raising of data from KSU/VUS.

Project Effect

As a result of system implementation of formation of consolidated financial statements according to IFRS on the 1C: Consolidation 8 PROF platform in JSC Irkutskenergo the following results were achieved:

• decrease in terms and labor input of reporting according to IFRS;
• formation of management information on the basis of consolidated financial statements according to IFRS;
• unification and normalization of NSI entering a project framework.

Response of the contractor about the project

Ilya Shikhov, CEO of Rice company: "From August till end of September the project was executed very vigorously, the command worked in the overloaded format and gave itself to works for 150%. Now we with success reported to the Customer on the end of trial operation and a system is ready to transfer to industrial. The Irkutskenergo company on behalf of the chief financial officer Hardikov Mikhail thanked us for dedicated work. I in turn tell thanks to our consultants, methodologists and programmers: To Albina Gabdullina, Elena Shinkorenko and Olga Novoselova who caused a stir on the project most. Separate gratitude to Popov Grigory – to the project manager who made an invaluable contribution to achievement of success and timely completion of works".

2009

The Forus Consult company (branch of data center "1C-Rarus") implemented the 1C: Consolidation 8 system in JSC Irkutskenergo, than automated and arranged processes of collecting, transformation and formation of the consolidated financial statements provided according to IFRS. Until recently the consolidated statements according to IFRS was formed using external consultants.

Earlier the reporting under IFRS was prepared by transformation of the reporting under RAS and a number of managerial reports in spreadsheets of the MS Excel, and for accounting in most the Irkutskenergo organizations solutions on the platform of 1C were used. In total the set of the reporting under all functional directions included more than 190 forms. More than 25 enterprises and more than 10 managerial services in Irkutskenergo were involved in the project of automation.

2008

Implementation of an automated system of formation of consolidated financial statements according to IFRS in JSC Irkutskenergo using software "1C: Consolidation 8 PROF" 1C-Rarus company.

Are automated:

• Accounting according to the international and national standards
• Accounting according to international standards
• Accounting according to IFRS
• Finance, management accounting, monitoring of indicators
• Consolidation of data