IFRS accounting automation: 1C:UPP + BIT.Finance package
Client company
IDS Group of Companies
Industry
petrochemicals and underground gas storage
Base solution
1C:Manufacturing Enterprise Management (1C:UPP)
Automated areas
- Accounting under international standards
- Budgeting
- Treasury
- Contract management
Line of business
IDS Group drills oil and gas wells and provides a full range of oilfield services. The group comprises 6 legal entities, each responsible for a specific line of business:
- Drilling of oil and gas wells;
- Directional drilling services and drilling engineering support;
- Drilling fluid services;
- Provision of transportation and special-purpose vehicles;
- Production support base (inventory storage, repair services, equipment manufacturing);
- Management company.
Base solution: 1C:UPP with the BIT.Finance package
Results achieved
To keep accounting under international standards, we chose partial translation of data from Russian Accounting Standards (RAS), with parallel accounting maintained for the areas where the methodology differs. What made the group’s business special was that, in addition to well construction services, it included companies providing maintenance services and manufacturing equipment. IDS Group also made active use of financial instruments (leasing): by the end of the implementation, the company had more than a thousand lease agreements in place.
After the implementation, the financial statements produced in the system were audited. PwC was selected as the auditor. The audit resulted in a clean opinion with no findings on the statements.
Notably, IDS Group was the first company in Russia’s oil and gas sector to apply IFRS 15.
Workstations: ~30