Russia: Final Stage of Transition to New Reporting Format for Non-Bank Financial Institutions
The Bank of Russia’s XBRL final taxonomy of accounting (financial), supervisory and statistical reports for Non-Credit Financial Institutions (NFIs) has been now been published.
A wide array of institutions will be obliged to use XBRL to file reports to the Bank from early 2018 onwards, including insurance firms and pension funds.
The preliminary XBRL taxonomy for the Bank was prepared back in July of this year and has since then involved a series of consultation process.
For Russia there are a number of key advantages in using XBRL:
- Improved quality of financial statements
- Reduced reporting time cycle
- Simplified administration of reporting data
- Reduced costs for gathering, processing and analyzing 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.
You can read an update from the Bank of Russia here.