Roadmap to Paperless Information Exchange in Russia
A meeting of an Interagency Task Force for Developing Electronic Cooperation in the Financial Market was held at the Central Bank of the Russian Federation to outline strategies for direct paperless information exchange between all financial market participants, reporting unification under IFRS and the introduction of XBRL. There are also plans to establish a unified system for describing financial and business indicators. The group is addressing the various legal, behavioural, technological and security implications of the move to structured business reporting, along with other priorities such as improving legislation on electronic signature, electronic document storage and destruction. Read the Press Release from the CBRF.