Russia Approved as XBRL Jurisdiction
We are pleased to share the news that the consortium’s newest Jurisdiction is XBRL Russia. The Jurisdiction is being facilitated by the Central Bank of the Russian Federation (CBRF) and brings together multiple stakeholders in support of the CBRF’s project to implement XBRL reporting for non-bank financial institutions (NFIs). 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.
Starting a Jurisdiction is an important step for regulators looking to implement XBRL. It gives form and structure to stakeholder engagement and connects the local XBRL community to a host of experts from around the world willing to provide insight and guidance.
We congratulate Russia on this important step and are ready to work with the CBRF and the other stakeholders to make sure their implementation is a success. Our Membership Development Committee stands ready to assist groups looking to form a Jurisdiction. Learn more