Russia’s ready to rumble: IFRS Work Plan for 2021
The Russian Ministry of Finance has released the ‘Interagency Working Group’s work plan for IFRS applications for 2021’, with a tantalising glimpse of XBRL unification.
The working group will cover a wide range of issues relating to International Financial Reporting Standards (IFRS), which were endorsed for use in the Russian Federation in 2011 and have been mandatory since 2012. It will identify issues arising from the application of IFRS in Russia that need to be addressed, as well as analysing implications of the Federal Consolidated Financial Reporting Act and other regulations and of government policy for IFRS in Russia, as well as coordinating Russia’s participation in IFRS Foundation.
The group will also be examining practice in using the XBRL format for financial reporting in Russia and around the world, and the prospect of using XBRL as a single electronic format for interagency interaction. The Russian Federation has made rapid progress toward digitisation in recent years, and XBRL is already deeply embedded in Russian reporting – reports in XBRL are required of a wide range of entities, including investment funds, pension funds and insurance companies. The further prospect of a single interagency format is an important one for data sharing and comparability.