National Mining Company Tau-Ken Samruk JSC consolidates financial statements using «1C:Consolidation»
Date of publication: 02.08.2017
Information system for financial reporting consolidation at «National Mining Company Tau-Ken Samruk» JSC based on «1C:Consolidation 8 PROF» software product is now operational.
- Exploration, development, production, processing and marketing of solid minerals
- Effective management of transmitted Company shares of mining and metallurgic industry
- Development and introduction of new high-tech and efficient technologies in mining industry
- Reproduction of mineral resources potential of the republic
- Development of non-commercial reserves deposits
NMC «Tau-Ken Samruk» JSC is a group of companies of «Sovereign Wealth Fund «Samruk-Kazyna» JSC. The holding includes 19 enterprises that operate using various software products based on 1C:Enterprise 8 platform.
The project team faced the following main goals
- Reduce the preparation time of individual and consolidated accounts
- Ensure the transparency and quality of accounting data provided by subsidiaries
- Ensure the integration with the corporate consolidation system of JSC NWF Samruk-Kazyna
1С-Rating LLP was involved as a versatile integratror for implementing the project objectives. Extensive experience in implementing similar systems and understanding of industry specificity were the key advantages for choosing this company as a partner for the project.
Additionally, during the methodology preparation stage the KPMG specialists joined the integrator team. Coordinated work of two highly skilled teams allowed to form a high-quality methodological framework of the project, which was the key to the continued success of the project.
The project achieved the following results
- Uniform chart of accounts and key qualifiers were developed. Template rules for the preparation of individual reporting subsidiaries of the holding company were prepared.
- A full range of works on the audit, development and deployment of the project's technical architecture.
- Unified module on the side of subsidiaries accounting systems for the purpose of accounting data transformation in accordance with the approved methodology of the project were developed and replicated.
- Developed set of financial statements, consisting of 90 types of reports and the rules of its preparation.
- Developed algorithms of integration with the consolidation system of the management company.
- Developed regulations and instructions describing the procedure for inclusion into the perimeter of consolidation and the procedure of reporting.
The production operation of the system has begun in August 2016. Presently there are more than 20 users and the operational and quarterly actual consolidated reporting is prepared on a monthly basis.
The system is now in the state of post-project maintenance. An expansion of the organizational perimeter is proposed for future work.
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