Russia: Starting 2018 transition to the XBRL for Non-Credit Financial Institutions will be mandatory

The Bank of Russia's XBRL final taxonomy of accounting (financial), supervisory and statistical reports for Non-Credit Financial Institutions has been finalized.

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.
"Starting 2018, it is planned mandatory transition to the XBRL reporting for insurers, non-state pension funds, joint-stock and mutual investment funds, investment fund management companies, professional securities market participants, trade organizers, clearing organizations and persons performing central counterparty clearing functions. The final version of the XBRL's taxonomy was prepared on the basis of a preliminary version posted by the Bank of Russia on the official website in July 2017, taking into account consultations and discussions with leading consulting companies, IT developers, profile associations and major financial market participants", is mentioned in the regulator's release.

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.

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