23 january 2006
Rostelecom completes a project for automation of consolidated accounts preparation process
Specialists of Rostelecom, in cooperation with consultants from GMCS, are through with a project for automation of the company's consolidated accounts preparation process based on Microsoft Axapta platform.

This project's objective is to ensure operative preparation of consolidated accounts for shareholders and generation of Rostelecom's consolidated statements. Main tasks set byRostelecom's specialists before GMCS' consultants were as follows: to develop anintegrated subsystem responsible for consolidation of financial accounting data and tools generation of consolidated statements; to create a unified storage for consolidated data; tointroduce uniform regulations and checkup procedures for data consolidation and statement generation tasks.

Active project stage took four months. During this time GMCS' consultants in cooperation with Rostelecom's specialists created and introduced a Microsoft Axapta platform-based data consolidation subsystem integrated with a financial loop of the whole system.

At the same time a project was completed responsible for automation of international accounting of capital investments and fixed assets (International Accounting Standards) in Rostelecom on the basis of Microsoft Axapta system, with a financial investment analytical accounting module also introduced.

According to Andrey Baklykov, IT Director for Rostelecom, "Flexible functionality ofintroduced subsystems helps to solve a wide range of issues, including consolidated data volume minimization. To main advantages of the consolidation subsystem designed one may refer ability to grouping, adjustment of matching accounts and financial analytics, data duplication and access right control and using batch processing."

"The consolidated statement preparation automation project implemented helped to improve consolidated statements quality and preparation time in the Company, and simplified financial information formation and analysis," says Alexander Lutsky, Chief accountant for Rostelecom.

Presently in Rostelecom work for implementation of fiscal accounting models and accounting according to International Accounting Standards is nearing to an end.


About Rostelecom

Rostelecom is Russia's national long-distance telecommunications operator. The company owns and operates an appr. 200,000 km nationwide modern backbone network enabling provision of telecommunications services across the entire Russian Federation. Rostelecom provides transfer of the major portion of inter-city and international data traffic and ensures operation of ground TV and radio broadcast channel network. The largest Rostelecom’s shareholder is SvyazInvest with 50.67% of voting stock.
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