OREANDA-NEWS. On 14 July 2008 was announced, that OJSC PAVA, the largest grain processor of Siberia and the Far East began drawing up its financial records according to the International Accounting Standards (IAS) since 2002.

This transition to the IAS was made because of the transparency concept on which such financial records rely, and financial transparency is the key factor of attracting investment to the company.

After PAVA carried out IPO, it became a public company and a federal player in the flour market segment. Today, the issue under consideration is an independent drawing up of IAS-based statements and control over financial and operational activities of the company’s subsidiaries. In connection with this PAVA started setting up a unified system of the company’s finance management according to the IAS. The Intalev Group was chosen as the consultant and integrator. Currently, specialists of both companies are working on the introduction of a software platform “Intalev: Corporate Management”.

As a result of the project implementation a number of functional areas will be automated. For example, in March 2009 budget planning and drawing up statements on plan data will be introduced, along with IAS-based record keeping.

The project envisages introduction of a payment calendar that will allow to manage cash flows and balances effectively which, in turn, will increase controllability of the current payments. The unified system of finance management will include 32 enterprises of the Altay and Krasnoyarsk Territories, the Kurgan Region, Vladivostok and Khabarovsk, integrated in PAVA Group.

According to Sergey Balaenkov, OJSC PAVA Chief Financial Officer, in the first place implementation of the project “Intalev: Corporate Management” will allow to optimize financial flows of the holding, and promptly receive the necessary information for making management decisions. “The project implementation will increase the company’s income, and help control and minimize costs”, he concluded.