The company “Polyus Gold” moved to IBM Cognos TM1| 14.02.2012
Gold mining company “the pole Gold” has completed the project to automate the collection, processing and consolidation of financial statements in accordance with IFRS standards with the help of IBM solutions
Cognos TM1. The project was implemented together with specialists of the international consulting company Columbus.
“The pole Gold” – the manufacturer of gold in Russia and Kazakhstan. The company’s asset portfolio includes ore and placer deposits in Krasnoyarsk region, Irkutsk, Magadan and Amur regions,
The Republic of Sakha (Yakutia), Kazakhstan, Romania and Kyrgyzstan.
One of the main tasks in support of the global development strategy of the company is the move towards quarterly reporting in accordance with IFRS. The project to automate the process
consolidation of financial statements “Polyus Gold” was launched in 2010. As a software product company chose IBM Cognos TM1 as a partner of the project according to the tender results became an international
consulting company of Columbus.
The IBM Cognos TM1 solution deployed by experts Columbus, allowed to reduce terms of preparation of quarterly financial statements “Polyus Gold”, to simplify the complexity of backups
the collection, processing and consolidation of data, to minimize additional errors.
For the conduct of the primary financial statements and provide data to the head office of “Polyus Gold” in Moscow subsidiaries use accounting system 1C different versions. After closing
period, the company is unloading the current state of the accounts of the company and their transformation in the current account according to IFRS in the form of Excel files. The preparation of the interim data on fixed assets and
intangible asset data are also obtained from 1C, then specialists are calculated in accordance with IFRS the restatement of the main financial indicators.
Now the account information provided in various forms of its subsidiaries, transformered and stored in a single system. Data on the basic financial statements are reconciled
automatically eliminated are taken into account the data on intragroup turnover and balances, the accrual of depreciation of fixed assets, investment calculations and a number of other indicators. In a single environment
provided automatic updating encapsulated data in reporting, a uniform format supports the possibility of their Association and multivariate analysis.