Russia: Starting 2018 transition to the XBRL for Non-Credit Financial Institutions will be mandatory
This is the fundamental document required for the Non-Credit Financial Institutions' transition to a new XBRL reporting format. Transition to the international format of business reporting is one of the key projects of the Bank of Russia, which aims to increase the reliability and quality of reporting data, to exclude data's redundancy and duplication, states the regulator's press release.
KPMG Russia singled out the main advantages of XBRL:
- Improved quality of financial statements
- Reduced reporting time cycle
- Simplified administration of reporting data
- Reduced costs for gathering, processing and analysing data
- Ease of cooperation with counterparties using XBRL format
- Unified exchange of transactional information within an organisation or corporate group without having to align to the specific features of different accounting systems.
About the XBRL standard
eXtensible Business Reporting Language (XBRL) is a globally used, open standard (format or language) developed to facilitate the electronic exchange of business and financial information. In 2015, the Bank of Russia initiated a project for transitioning Non-Credit Financial Institutions to a common, advanced, XBRL-based electronic format for reporting data.