某公司财务信息系统设计报告-英文版

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1、PetroChinaRequirements and design of FMIS modificationsFMIS enhancement projectDecember 19991Contents1.Business requirements32.Gap analysis103.Overall approach and design principles134.Business process overview155.Overview of system changes186.New data files and associated processes247.System proces

2、ses for consolidation and reporting29Appendix A-Report formats322System Design for FMIS Modification2Business requirementsChapter 13To be able to do an IPO,PetroChina need to be able to produce certain key financial reportsTo produce these reports,some changes to FMIS needs to be implemented.Busines

3、s requirement overviewThe FMIS system need to be able to produce the following reports:nAnnual consolidation reports as required by China Finance Ministry based on the PRC GAAP for joint-stock company.nQuarterly consolidation of reports of the overall ListCo based on the IAS is required for publicly

4、 listed companies.nDisclosure items are also required by IAS and PRC GAAP for joint-stock company.nSome other information is required to support annual auditing.All the above reports(except the audit information)will need to be produced along the new PetroChina organization structure as described in

5、 the following page.The above reporting requirements are detailed in the next pages.4PetroChinaLevel 1PetroChinaLevel 2SpecializedCo/Business GroupLevel 3SegmentLevel 4TypeE&P.Level 5BusinessUnits.Gas&PipelineDownstreamOil&GasE&PNatural gas(inc.gas pipeline)Refining&MarketingPetrochemicals&marketing

6、OthersRefiningPetroChina reporting structureMarketingR&DChina oilHQBeijingE&PHuaBeiG&PHuaBeiRefineryHuaBeiNorth ChinaPetr.TradeChina O&GresearchinstituteLevel 6OperationsUnitsLevel 7SuboperationsUnitsOil field#1Oil field#2Oil field#3District 1District 2District 35PRC GAAP consolidation report requir

7、es the following data:Business requirements for PRC consolidationlIndividual PRC GAAP reports of all entity involved in consolidation.nBalance sheet(PRC GAAP)nIncome statementnCash flow statementlInternal transactions reportsnInternal transaction listInternal product sales or purchase reportInternal

8、 rendering of service report or internal service purchase reportInternal long-term equity investment report,capital structure reportInternal payable or receivablesnRequired information for internal transactionsCounterpart,transaction type,period,beginning balance,credit amount,debit amount,ending ba

9、lance6There are two types of changes that need to be made to comply with IASBusiness requirements for IAS consolidationlPRC consolidated financial statements with specific detailsnIndividual PRC reports listed earliernLedger reportlTransactions with different accounting treatment in IAS and PRC GAAP

10、nDevelopment costs-E&P segment specificCost of successful well(succeeded in the period)nAssets and depreciation(straight line method vs UOP)and related tax creditAssets class,accumulated depreciation amount based on reevaluated carrying amount by straight line method;depreciation amount based on un-

11、reevaluated amount by unit of production method or straight line method(depend on assets class)nDeferred business initial cost(pre-operation expenditures)Beginning balance,ending balancenMonthly revaluation of non-current monetary assets&liabilities(foreign currency item)Historical value(calculated

12、by exchange rate of occurring date),reevaluated value of long-term loan(foreign currency),long-term deposit(foreign currency),other long-term monetary assets or liabilities.7IAS and PRC GAAP requires the following items for disclosure purpose:Business requirements for disclosure purposesCurrencyLoan

13、s for oil fields development&refining plants constructionWorking capital loanAveragerateRMBUS$YENlAging report of accounts receivable(PRC GAAP)lLong-term equity investment(PRC GAAP)Investee,stock type,share number of stock,share percentage,amount,remarkslLong-term bond investment(PRC GAAP)Bond type,

14、par value,rate,purchased amount,due date,interest of this year,accumulated interest,remarkslOther non-equity long-term investment(PRC GAAP)Debtor,principal,rate,due date,interest income of current period,accumulated interest,remarkslLong-term loan(PRC GAAP)Loaner,amount,due date,rate,term(If foreign

15、 loan)Foreign currency amount,RMB amount by exchange rate of balance sheet datelBonds payable(PRC GAAP)Bond name,par value,issued date,issued amount,due date,interest expense of current year,accumulated interestlRelated party transactions(PRC GAAP&IAS)All data listed in internal transaction reports,

16、only different entity namelIncome analysis report(IAS)Special deductions relating to exploration and production activities,Income not subject to tax;Expenses not deductible for tax purposeslMovement of allowance for doubtful accountsBalance at beginning of period,Provision,Deductions,Balance at end

17、of period lMovements in allowance for diminution in value of inventoriesBalance at beginning of period;Provision;Deductions;Balance at end of periodlMovement report of PPE&accumulated depreciationnCost:Beginning balance,additions,disposals,ending balance;nAccumulated depreciation:Beginning balance,c

18、harge for the year,disposals,ending balancelMovement of allowance of investment value diminutionBeginning balance;Provision;Deductions;Ending balancelLoans Analysis ReportlDirectors remuneration reportSalaries,allowances and other benefitsContribution to retirement benefit scheme8FMIS also need to p

19、roduce certain information that is required to facilitate annual audit.Business requirements for annual auditThe required information for accounts receivable,long-term equity investment,long-term non-equity investment has been listed in disclosure requirement.The only remaining items for annual audi

20、t are listed below:nShort-term investmentInvestment type,investee,security type,par value,historical cost,rate,due date,interest receivable or dividends receivable,premium/discount and its amortisationnNotes receivableNotes type,par value,rate,drawer,due datenOther receivableDebtor,amount,post due d

21、aysnAssets revaluationAssets class,book value before revaluation,book value after revaluationnShort-term loanLoaner,amount,rate,due datenNotes payableOwner,par value,rate,due date9Gap analysisChapter 210Changes in financial reporting processPetroChina needs to implement a large scale change in its f

22、inancial reporting process.CurrentlConsolidation is done by the auditors using spreadsheets and manual data collection and manipulationlFMIS report is not compliant with PRC accounting standard for joint-stock company.lIAS report is produced by the auditors using manual methodlReporting is done for

23、the whole CNPC with the current org structurelUse current chart of accountsFuturelConsolidation will be done by PetroChina accountants as part of the regular accounting process using FMISlFMIS report will be compliant with PRC accounting standard for joint-stock company.lAS report is produced by Pet

24、rochina accountants using FMISlReporting structure for PetroChina will be separated from the old CNPC.New org structure will be put in placelNew chart of accounts will be in effect11Systems issuesThe following systems issues are identified as critical to the ability for PetroChina to be able to do c

25、onsolidation and produce the required reportsREQUIREMENTReconciliation of transactions that occurs across different accounting entities.Some detailed information need to be passed up the corporate reporting structure.SYSTEM ISSUEThis is difficult to do with the current FMIS since FMIS treats each ac

26、counting entity as independent from other accounting entities.This is not possible in the current FMIS since FMIS only transfer reports,not detailed information.CONSOLIDATION PROCESSREQUIREMENTIAS report have some different grouping of accounts compared to PRC reports In the interim,CNPC requires re

27、porting based on locations in addition to the“normal”reporting procedure along segmentDisclosure items need to be produced and rolled upSYSTEM ISSUECurrent FMIS aggregates report up the hierarchy and it is not possible to see or reconstruct the individual accounts,therefore it is not possible to reg

28、roup accounts at higher level.Currently FMIS reporting hierarchy follows a strict tree pattern with one entity reporting to only one parent.Current FMIS can not produce this data nor roll it upREPORTING PROCESS12Overall approach and design principlesChapter 313Design principles/goalslThe design has

29、to be implementable prior to the IPOlModified FMIS must be able to produce all required reports with minimal manual worklAvoid major changes in business processlAvoid major changes in FMIS which needs long development time and/or high risk of destabilizing FMISlMarginal changes to FMIS is preferred

30、to marginal change in business processlChanges in business process or FMIS should have minimal dependency on short-term improvement to IT infrastructure.lDue to current limitations in telecommunication,the amount of data that needs to be transferred should be minimized.lTo ease transition,the modifi

31、ed FMIS need to have data compatibility with current FMISThe following principles have been followed in creating the design for the new system:14Business process overviewChapter 415LocationLevel 5SegmentLevel 3HQ CorpLevel 1LgrLgrLgr+Lgr+IASIASPRCSegment ASegment BElimElimPRCElimIASElimIASElimIASLgr

32、+Lgr+IASIASElimIASElimIASIASDifferent segment,different locationSame segment,different locationSame segment,same locationDifferent segment,same locationLEGENDLedgersReportsModified report/consldtn systemConsolidation entryConsolidation fileData flow diagram of rollup processPRCPRCLgrLgrNotes:Lgr+=le

33、dger report plus some otherspecial reports.16Roll up and consolidation process chart1.1 Enter transactionsfor Level 6 HO1.5 Enter same-segment,same-locationelimination entries1.4 Import reportsfrom level 6HO ledgers1.2 Create reports forLevel 6 HO ledgers1.3 Receive reports&import datafrom level 7(d

34、istrict)1.8 Produce IASadjustment file(IAS file)1.7 Produce BU segmentPRC report1.6 Determine IAS adjustments1.9 Send PRC BU segment reportand IAS file to Beijing Business group Finance2.1 Receive PRC reportfrom BU Location segments2.2 Enter different-segmentsame-locationelimination entries2.4 Send

35、different-segment,same-location eliminationfile to Beijing H.Q.2.3 Produce Location PRC report3.1 Receive BU segmentPRC report and IAS file1.10 Send PRC report to Location HOfinance3.2 Enter same-segment,different-locationselimination entries3.3 Produce bus.group PRC report andIAS adjusted report4.1

36、 Receive PRCreport and segmentIAS file4.2 Receive different-segment,same-location elimination files4.3 Enter different-segment,different-locationelimination entries4.5 Produce corporatePRC reports andIAS reportsBU LocationLocation HOFinanceSegment Finance(Beijing)CorpFinance3.4 Send business group P

37、RC report andIAS file to corp4.4 Enter IAS adjustments(corporate level)Level 5Level 3Level 117Overview of system changesChapter 518Data flow diagram-Transaction systemSome changes are required in the FMIS Transaction system to collect required data from all accounting entitiesExistingfunctionalityTr

38、ansactionDBEnter accountingentries to FMISProduceLedger reportT1Special disclosureitemsLedgerreports fileF2Disclosure&IASsupportingdata fileF1Internal transactiondata fileNewfunctionalityP4Producespecial disclosureitems reportP2Produce internaltransactions data fileP3Enter specialdisclosure&IASsuppo

39、rt dataP1For internal transactions,enter customer/supplier code19New or modified functionalities-Transaction systemNew data fileF1-Internal transaction data fileF2-Disclosure&IAS supporting data fileNew tablesT1-Special disclosure itemsNew system processesP1-Internal transaction data entryP2-Interna

40、l transaction file exportP3-Special disclosure items&IAS supporting data entryP4-Special disclosure items&IAS supporting file exportChanges to FMIS Transaction system is summarized in the following list:20F3Elimination data fileData flow diagram-Reporting systemNewfunctionalityLowerlevelReportsLedge

41、rreportfilesAggregationP7EliminationprocessExistingfunctionalityAggregatedReportsConsolidatedLedgerReportP16Export/printconsolidatedledger reportT2EliminationF2Disclosure&IASsupportingdata fileF1Internal transactiondata fileT4InternalTransactionP13ExportremaininginternaltransactionEliminationEntries

42、Internal transaction&eliminationreports&queriesAnalyze info anddetermine requiredeliminationP5Query,view,print P14Export disclosures&IAS supportingdataP8Export EliminationentriesF4IASadjustmententry fileF3Elimination data fileLedgerreportfilesF2Disclosure&IASsupportingdata fileF1Internal transaction

43、data fileF4IASadjustmententry fileP12Export IAS adjustmentP15PrintIAS reportsT3IAS adjIAS adjustmententriesAnalyze info anddetermine requiredIAS adjustmentP9Query IAS adjustmentdataIAS adjustmentinfo reportsSome major changes are required in the FMIS Reporting systemP19Import internaltransactionP6En

44、ter eliminationentriesP18Import eliminationentriesP17Import IASadjustmentsP10Enter IASadjustmentsP15PrintPRC reportsP20Import disclosure/IAS support dataT5Consolidationaccount pair21New or modified functionalities-Reporting systemNew data fileF1-Internal transaction data fileF2-Disclosure&IAS suppor

45、ting data fileF3-Elimination data fileF4-IAS adjustment entry fileNew data tablesT2-Elimination entry tableT3-IAS adjustment entry tableT4-Internal transaction tableT5-Consolidation account pair tableThe changes to the FMIS Reporting system is shown in the following list:New system processesP5-Query

46、 info for eliminationP6-Enter elimination entriesP7-Elimination processP8-Export eliminationP9-Query info for IAS adjustmentP10-Enter IAS adjustmentsP11-IAS adjustment processP12-Export IAS adjustmentsP13-Export remaining internal transactionsP14-Export disclosure&IAS support dataP15-Print IAS repor

47、tP16-Print/Export PRC reportP17-Import IAS adjustmentsP18-Import elimination entriesP19-Import internal transactionsP20-Import disclosure/AIS support data22Required new/modified reportsPRC report&disclosure requirementPRC Income statement report modificationPRC Balance sheet modificationPRC Cash flo

48、w statement modificationInternal transaction reportAging report of accounts receivableLong-term equity investment reportLong-term bond investment reportOther long-term investment reportLong-term loan reportBonds payable reportRelated party transaction reportIAS report&disclosure requirementIAS incom

49、e statement definitionIAS balance sheet definitionIAS cash flow statement definitionStatement of owners equityNote 4 Employee compensation costsNote 5 interest expenseNote 6 Income before income taxesNote 7 Income taxesNote 8 Cash and cash equivalentsNote 9 Accounts receivableNote 10 InventoriesNote

50、 11 Prepaid expenses and other current assetsNote 12 Property,plant,and equipmentNote 13 InvestmentsNote 14 Intangible and other assetsNote 15 Accounts payable and accrued liabilitiesNote 16 DebtNote 17 Deferred income taxesNote 22,23,24Auditing required reportsShort-term investment reportNotes rece

51、ivable reportOther receivable reportShort-term loan reportNotes payable reportIn addition to the system changes,the following reports must be developed and produced23New data files and associated processesChapter 624Reporting systemTransaction SystemF1-Internal transaction data file and associated p

52、rocessesP1.Modification to voucher entry in transaction system need to be done.Currently the transaction table has a field to record customer/vendor codethat is only used for A/R or A/P.The system needs to be modified to make the customer/vendor code applicable for all internal transaction types.The

53、 system should make customer/vendor code entry mandatory for all internal transactions.P2.When counterpart codes of all internal transactions have been recorded,transaction system will be able to export data of internal transactions and transfer the data up to the higher levels.P5.The reporting syst

54、em must have facilities for users to query,view and print the internal transaction data and the elimination entries.This report is the key input for the users in the elimination process.Users create elimination entries based on the information contained in the internal transaction table.To facilitat

55、e the creation of this report,table T5-(Account pairs)is needed to record the account“pairs”for the offseting accounts.This process must also be able to print elimination report which compares the internal transactions with the elimination entries that has been done.The elimination report must be re

56、ported to the higher level as a control report to ensure that eliminations are done properly at the level where it is performed.P13.As part of the consolidation process,the system will filter the internal transactions and roll up the internal transactions information that has not been eliminated by

57、ignoring all the internal transactions within the accounting entity and its lower entities,and roll up the remaining internal transactions without aggregation.The internal transaction data file is a key input to the consolidation process.F1Internal transactiondata fileP2Produce internaltransactions

58、data fileP1For internal transactions,enter customer/supplier codeTransactionDBT4InternalTransactionP13ExportremaininginternaltransactionInternal transactionreports&queriesP5Query,view,print Internal transactiondata fileImportinternaltransactionsT5Account pairsTABLE STRUCTUREF5-Consolidation Account

59、pairSourceacct codeCounterpartacct codeT2EliminationFILE FORMAT&TABLE STRUCTUREF1/T4 Internal transaction dataPeriodCounterpartcodeSource entity codedebitBeg balcredit debitMovementcredit debitEnd BalcreditAccountcode25F2-Disclosure and IAS support data file and associated processesP3The disclosure

60、data and IAS supporting data will be recorded to the special disclosure table(T1).This purpose of this table is to collect data that can not be derived from account balances,e.g.UOP vs straight line depreciation in IAS adjustment.Although different disclosure types are required for different transac

61、tion types,the system will use the same table to store the data.Each field in the table has different meaning for different disclosure type.The disclosure types are pre-defined by PetroChina headquarter and clear instructions to the accounting entities need to be given about which disclosure types m

62、ust be filled out by each accounting entity.FMIS should be enhanced to“understand”the different disclosure type and for each disclosure type,the system needs to be able to display a special input screen for the disclosure type to prevent wrong entry to be made to the disclosure database.P4All record

63、ed disclosure data and IAS support data will be exported to a file and sent up.The file is then imported to reporting system(P20)and stored in the report database.P9Users review the IAS supporting data in reporting system to produce the IAS adjustment entries.P14 All details of disclosure and IAS su

64、pporting data received from lower level in reporting system will be exported and sent up to higher level without aggregation.This file is designed to collect non-ledger data for PRC&IAS disclosures and supporting data for user to do IAS adjustment.REPORTING SYSTEMLowerlevelReportsP14Export disclosur

65、es&IAS supportingdataDisclosure&IASsupportingdata filesP9Query IAS adjustmentdataIAS adjustmentinfo reportsTRANSACTION SYSTEMT1Special disclosureitemsF2Disclosure&IASsupportingdata filesP4Producespecial disclosureitems reportP3Enter specialdisclosure&IASsupport dataP20Importdisclosure&IAS supportFIL

66、E FORMAT&TABLE STRUCTUREF2/T1 Disclosures and IAS supporting dataUser-defined num1(number)User-defined num2(number)Disclosurecode num6User-defined char1(char.)User-definedchar2(char).char6(char)Businessentitycode26F3-Elimination data file and associated processesP6This function lets users enter elimination entries to the elimination table.The entries will be checked and posted if approved.If the entries are not approved,user can modify it prior to posting.P8The elimination entries will be used i