Comprehensive support for reporting by capital groups is one of the key aspects of ensuring proper relations with investors and supervisory authorities.
The CCR application is an advanced, secure and intuitive tool that provides support for separate and consolidated reporting processes in capital groups. It enables smooth and efficient preparation of financial reports of listed companies, as well as statements relating to the mandatory reporting of financial institutions. The application is equipped with mechanisms allowing for monitoring and supervision of the processes of data collection and calculation of separate and consolidated statements.
Functionality
The application ensures the preparation of reports in compliance with the International Financial Reporting Standards, using different methods of consolidation. It is capable of supporting consolidation at both smaller-sized and large international groups of companies. The application provides a broad range of functionality, allowing for automated handling of every aspect of the complex process of consolidation at any of its stages, from the collection of source data, through their integration and reconciliation, to the final review and analysis of calculated reports. The functionalities deserving of special attention include:
Process organization
Comprehensive support for all stages of the consolidation process, including the ability to delegate responsibilities and obligations within the capital group. Monitoring of the execution of tasks assigned to individual users with the help of graphical visualization of the work stages, and automatic reporting of any delays.
Flexibility
The consolidation process is supported in the case of both stable and dynamically changing capital groups, by providing the possibility of sub-consolidation, meaning the calculation of consolidated statements at any level of the group.
Configurability
The system enables easy creation of new reports and modification of the existing ones. It is also possible to modify a dynamic model of accounting for transactions, which allows for adjusting the level of collected mutual transactions to the requirements of a specific implementation. The system metadata can be configured in a user-friendly manner, using Excel files.
Automation
The consolidated report data are calculated on the basis of separate reporting packages, taking into account any currency conversions, intra-group transactions, as well as all kinds of consolidation adjustments.
Audits
The consolidated data can be audited with the help of transparent analytical reports containing all the components of a consolidated financial statement.
Knowledge base
A repository of documents intended to ensure evidence for the consolidation process, including an integrated communication tool allowing users to cooperate effectively during the preparation of a report.
Key benefits
Efficient support for capital groups consisting of several up to several dozen companies at different levels of consolidation.
Reduction of working time and costs related to the reporting process.
Security and audits of consolidation processes as well as monitoring of work.
Simple data analysis at all stages of the process.
User-friendly interface and intuitive operation of the application.
Access to all the system functions through a web browser.
Implementations
mBank Group
Asseco Group
References
Jörg Hessenmüller
Vice-President, Chief Financial Officer
mBank
The implementation of the integrated Asseco CCR and Asseco CMR applications allowed to meet the supervisor’s requirements regarding the delivery of standalone and consolidated supervisory EBA reports within the necessary deadlines. Asseco’s solution enables a detailed analysis and verification of the reported data as well as an intuitive and efficient work of multiple users simultaneously, which is important when collecting and preparing data for the capital group.
On May 25, 2017, the Asseco Group published its financial results for the first quarter of 2017. Sales revenues increased by 12% on annual basis to over PLN 2 billion. The revenues from the sales of proprietary software and services increased by 14% on annual basis to PLN 1.7 billion. The operating profit amounted to PLN 165 million and the net profit attributable to shareholders of the parent company reached PLN 61 million.
Nearly 200 representatives of the banking, IT, and media sectors met in Warsaw during another edition of the Asseco Banking Forum conference, held on October 11. Discussions during the event focused on the challenges facing the banking industry, as well as on the effective use of modern technologies both as a tool for further development and in meeting the changing needs of customers.
