Ubisoft 2008 Annual Report Download - page 225

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UBISOFT ANNUAL REPORT 2009
Go v e r n a n c e a n d I n t e r n a l c o n t r o l p r o c e d u r e s 03
Reporting of accounting information, in standardised monthly reports, is carried out on the basis of a schedule established by
the Consolidation Department and approved by the Administration Department. Each subsidiary must apply Group procedures to
monthly reporting, accounting data input, annual and interim cut-offs and quarterly forecasts.
Since April 1, 2006, subsidiaries’ monthly reports have been IFRS (International Financial Reporting Standards) compliant, and
consolidated packages have been audited under IFRS. Since April 2008, reporting systems have allowed for information to be
reported according to purpose. A new version of this software was launched in April 2008. Support for local teams, provided by the
consolidation, IT and nancial control teams has been put in place in order to ensure compliance with the new internal reporting
formats.
The subsidiaries’ accounting information is uploaded, reconciled and then consolidated in a central solution, HFM from Hyperion,
under the responsibility of the Consolidation Department. This solution supports automatic verication and consistency checking of
ows, the balance sheet, specic line items in the income statement, etc. It also allows fast, reliable data reporting and is designed
to make the consolidated nancial statements certain.
The Company has taken measures to shorten the consolidated nancial statement production process and make it more reliable.
For example, the Consolidation Department has drawn up procedures enabling subsidiaries to optimise understanding and
effectiveness of the solutions, and to guarantee the standardisation of published accounting and nancial data:
drawing up a Group chart of accounts;•
implementing automatic mapping between the corporate nancial statements and the consolidated nancial statements;•
drawing up a user manual for the consolidation statement; •
drawing up a consolidation manual;•
drawing up an accounting policies manual.•
The Consolidation Department also carries out ongoing monitoring so as to track and anticipate changes to the regulatory framework
applicable to Group companies.
The Internal Audit Department also makes regular recommendations for improving the quality of the internal controls over published
accounting and nancial information, at both subsidiary and Group level.
3.1.2.3.2 Organisation and security of information systems
With a view to continually improving its information system and in order to ensure the integrity of accounting and nancial data,
the Company continues to invest in standardised solutions and procedures, to meet both the requirements and the constraints of
local teams and the Group.
All major subsidiaries are integrated in PeopleSoft – Oracle, for the accounting and management of operational ows (procurement,
manufacturing, logistics, etc.). This centralised application, which uses a single database for all subsidiaries, allows the sharing
of frameworks and transaction formats (product database, customer and supplier les, etc.). A new version of this ERP solution
will be progressively rolled out over the coming years to meet growth-related challenges
With a view to integrating and automating accounting and nancial solutions, the Group also continues to search for solutions
that will ultimately allow it to extend an accounting ERP application to the other foreign subsidiaries. The computerisation of data
exchange (interfaces between accounting systems and the consolidation system, daily integration of banking entries, automated
payment issuing, etc.), has been proven to secure processing and guarantees greater reliability of accounting processes.
The Hyperion consolidation and management forecasting applications are used by all Group companies, providing an exhaustive
and standardised view of business activities and accounting and nancial data. They help improve the effectiveness of information
processing.