OREANDA-NEWS. November 18, 2008. IBS IT Services, the member company of IBS Group Holding Limited, has commenced building a system for transformation and consolidation of financial statements at OAO Mechel, one of the top Russian metals companies, reported the press-centre of IBS.

The project will automate collection of statements from all companies within Mechel Group and provide generation of consolidated US GAAP statements based on those collected. The new system will enable analysis of both consolidated indicators of the group and indicators of individual companies. The system will be based on the SAP SEM-BCS software platform.

The project is expected to provide an efficient tool for generation of consolidated US GAAP statements, reduce work routine and thus speed up preparation of financial statements of OAO Mechel.