Transneft Finance, LLC was founded on March 22, 2006 to improve quality of accounting maintenance and statements of the Transneft Group Companies.
Originally Transneft Finance, LLC was in charge of maintaining accounting processes of oil pumping companies of the Transneft Group, preparing accounting statements under the RAS, tax reports, and consolidated financial statements under the IFRS.
In order to perform its functions, the key objectives of Transneft Finance, LLC include:
- automating accounting processes based on the Galaktika corporate information system;
- developing and implementing uniform methodological principles of maintaining accounting and tax records based on the Uniform chart of accounts and directories;
- creating the Uniform system of regulatory and reference information (RRI);
- type designing and regulating procedures for preparing accounting statements under the RAS, tax reports, and consolidated financial statements under the IFRS;
- unifying the procedure for applying and filling in forms of primary accounting documents (unified and non-unified ones) pertinent to business processes;
- regulating document management from the moment of creating a primary accounting document to the preparation of statements and archiving of documents.
In 2008, the number of entities serviced by Transneft Finance, LLC was considerably expanded. In 2008, service entities of the Transneft Group as well as Transnefteprodukt, JSC and oil product trunk pipeline companies started to receive services.