Automation of management accounting and accounting according to IFRS

IFRS services may include:

• Transformation of financial statements prepared according to Ukrainian Accounting Regulations and Standards (PSBU) to IFRS;
• Methodological and advisory support in the transition to IFRS (transaction analysis, identification of differences between PSBU and IFRS, advice on the application of approaches)
• Analysis of tax consequences of changing approaches in local accounting
• Preparing transformational and consolidation adjustments for a specific period
• Preparing a printed form of financial statements according to IFRS for the period.
• Preparing accounting policies under IFRS
• Training of accountants in the framework of accounting changes during the transition to IFRS

IFRS reporting services will be provided by EBS experts who are certified auditors, professionals in accounting and IFRS, mandatory audit and audit of consolidated and financial statements prepared according to IFRS.

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The automation process is quite time-consuming and consists of the following steps:

1. Diagnostics, collection and analysis of requirements, preparation of the statement of work

• Clarification of the accounting policy and organizational and financial structure
• Deployment of the model base of the information base, modelling of the financial structure, design tools
• Development of the management accounting automation concept and the overall system architecture
• Development and coordination of business processes of the core activity
• Development and coordination of the structure and forms of financial statements, performance indicators and cost allocation rules

2. Development of a unified information system for operational accounting and management

2.1 – Implementation of the statement of work for the management system

• Implementation of general corporate accounting requirements
• Implementation of accounting and management of the main business processes
• Implementation of accounting and cash management

2.2 – Deployment of the system for trial operation

• Training users to work with the new database
• Organization of initial data input and transfer of balances
• Improvements to the functionality for test operation
• Development of user instructions
• Support for closing the first month after the start of work with the new database
• Revision of technical documentation based on the results of testing of the modified functionality

3. Development and implementation of the financial reporting system

3.1 – Implementation of the statement of work for the formation of financial statements

• Implementation of financial statements and calculations of financial indicators
• Implementation of data exchange and reconciliation tools
• Implementation of additional user requests

3.2 – Transfer of the system into commercial operation

• Training users to work with the reporting system
• Support for closing the first month after the start of work with the new database