IFRS Consolidation, Statutory & Management Reconciliation, Supervisory Reporting, CDM
”Following the pleasing results we obtained in our statutory consolidation project, and having being impressed by the sensitivity and competence of the CCH Tagetik team — particularly in their treatment of management accounting data — we decided to continue working with them on bringing our systems in line with IAS 14 requirements.”
Andrea Rovellini, BPM Group controller
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BPM is an interregional commercial bank that offers - either directly or via the companies that it controls or in which it has a stake - a complete and integrated range of products and services. It's strongly represented across the whole of Italy. The funds it administers for its trustees place it among the leading "people's banks" globally.
BPM needed to introduce the major international accounting standards.
In fulfillment of the specific project objectives the following CCH Tagetik CPM processes were implemented:
- ETL: for the T&L (Transformation and Loading) stages of the automated data collection process from the bank's transactional and departmental systems.
- Closing & Control: for the reconciliation of data, creation of the management financial statement using nonaccounting processes, reconciliation of management accounts with the statutory financial statement, generation of the individual segment with adjustments and allocations, and input of data into the consolidated management accounts on a segmental basis.
- Consolidation: for the collection of data on a segmental basis, reconciliation of the data collected withthe data used for statutory consolidation, management accounts consolidation by segment/in line with IAS standards, and for controlling the statutory, management, and IAS 14 reporting process.
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