1C: Accounting CORP IFRS

small IFRS solution for small companies in Russia

This software product appeared in the 1C price list  in 2018 and immediately thoroughly occupied its niche in the market as an excellent solution for small representative offices and companies without subsidiaries or branches in Russia. This is a relatively inexpensive accounting software product according to Russian accounting standards and IFRS standards.

 

As in other similar 1C software products, the system includes the functionality of parallel accounting and translation postings based on accounting data.

The system allows parallel of the following objects in parallel:

  • intangible assets;
  • Fixed assets;
  • Assets for sale;
  • Financial instruments;
  • Provisions for doubtful debts;
  • Different types of leasing;
  • Reserves for revaluation of reserves;
  • Deferred taxes;
  • Other income and expenses;
  • The financial result of the company and the cost.

The posting transmission mechanism provides the ability to use accounting accounts for tax and accounting entries. At the same time, the mechanisms are configured object-by-object: you can flexibly configure either translation or parallel accounting rules.

As previously stated, the main task of “1C: Accounting CORP IFRS” is to help small enterprises in Russia reduce labor costs and expenses for preparing IFRS statements and establish parallel management accounting according to corporate standards. However, the solution is only partially suitable for the process automation of production enterprises or holding structures where it is required to consolidate the reports of individual structural units.

For automation of IFRS Reporting at production enterprises in Russia, the most suitable software product is "1C: ERP Enterprise Management 2". The system is also equipped with a subsystem of international accounting and has all the technological advantages of 1C: Accounting suite.  

To solve more complex accounting tasks at the level of a group of companies, it is necessary to consider the flagship 1C product for managerial accounting - the «1C Holding Management». 1C: HM has a number of very important and necessary functionality for managing a group of companies (holding).

In terms of IFRS capabilities, in addition to similar functionality as in "1C: Accounting suite" and in "1C: ERP", this IT-system has and allows to:

  • Import data from other accounting system in excel format
  • accounting for the acquisition or disposal of a business;
  • consolidate adjustments and elimination adjustments;
  • a special portal for reconciling intra-group operations;
  • Special tools for creating consolidated financial statements in accordance with IFRS.
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