Basware IFRS Group Consolidation

Basware IFRS Group Consolidation helps mid-size and large holdings to considerably simplify and automate the IFRS report preparation. Basware IFRS Group Consolidation is a pre-setup system that includes the chart of accounts, data entry and correction templates, powerful data consolidation tools, as well as the IFRS required standard statements and notes.

Basware IFRS Group Consolidation solution provides:

• rapid implementation (2 – 3 months);
• standard IFRS chart of accounts (more than 3 000 accounts);
• all reports and interpretations (four core reports and more than 30 interpretations);
• integration with any ERP systems;
• automatic reconciliation of all inter-group elements;
• automatic calculations of minority interests, deferred taxation, goodwill;
• complete localization;
• centralized maintenance and update;
• easy to use and to setup.

Basware IFRS Group Consolidation chart of accounts contains about 3 000 accounts necessary for IFRS reports preparation:

• P&L accounts;
• balance accounts (assets);
• balance accounts (liabilities);
• cash flow statement accounts;
• additional data accounts.

The solution allows for adding and modifying the accounts if necessary.

Availability of four predefined standard core reports and their more than 30 interpretations is one of the basic advantages of Basware IFRS Group Consolidation. All these reports and interpretations comply with the general IFRS requirements. Thus, the company will not need additional time or resources to create new tables and reports. This solution provides for easy modifications of the existing reports and creation of new reports according to the company needs.

Predefined data import from ERP systems decreases substantially the routine workload and allows the IFRS department specialists concentrate entirely on the report preparation. Basware IFRS Group Consolidation solution can import from text files that are easily created by any ERP system. Besides, the data can be imported directly from Microsoft Excel.

Basware IFRS Group Consolidation solution offers the special inter-group elements reconciliation functionality, which allows:

• to reconcile the inter-group elements per account groups (sales – purchases, accounts payable – accounts receivable, interests paid – interests received, etc.);
• reconciliation for each holding subgroup (only within the group company turnovers will be eliminated during report generation);
• automatically book minor deviations to the user selected accounts.

The solution includes special templates for automatic calculation of minority interests, deferred taxation and goodwill that require only the source data entry.

Basware IFRS Group Consolidation interface and all corresponding documentations are fully translated into Russian. This solution uses the easily adjustable Microsoft Excel application interface and Microsoft SQL Server DBMS.

Implementation of Basware IFRS Group Consolidation economizes substantially the IFRS report preparation time and decreases laboriousness. Thus, even large holdings can prepare their IFRS reports on a monthly basis. This improves the business transparence and control for the company shareholders. The monthly IFRS reports ensure that the General Director is always in touch and can quickly make important decisions. This solution helps the Financial Director to provide the necessary financial resources for the ceaseless company run. To sum it up, monthly IFRS reports mean that the company is open and attractive for investments.