New Russia Mandate
The Central Bank of the Russian Federation’s Board of Directors has approved a plan for non-bank financial institutions (NFIs) to report in XBRL. The move to XBRL is in conjunction with a gradual transition to a unified chart of accounts and industry accounting standards based on IFRS. The Bank of Russia hopes to achieve higher data reliability and quality, reduced filing burdens for regulated entities and to eliminate duplication of filing requirements. This is a large scale project that the Bank of Russia is estimating will take 3-5 years. We’ll be following it closely and we’ll keep you updated. Read more on the CBRF website.