Congratulations to our friends at the Bank of Russia! It has become the first regulator to collect data using the xBRL-CSV format, facilitating the submission, storage and analysis of large volumes of granular data.
This is a guest post by Stanislav Korop, Deputy Director Data Governance Department, Bank of Russia. It is based on his 15 April 2021 session at Data Amplified Virtual, catching us up on the Bank’s new xBRL-CSV framework, which has just been launched for Russian filers. Like many regulators we find ourselves wanting to collect […]
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 […]
The Bank of Russia has published a guide to help preparers make the reporting changes required by the recent adjustments to accounting standards and the Bank of Russia taxonomy. The instructions include changes to the forms, terms and procedures for compiling and submitting reports. Some affected submission dates have been extended due to the changes. […]
The Bank of Russia has released XBRL Taxonomy version 3.1, which replaces version 3.0 from 30 September 2019. The updated taxonomy contains adjusted control ratios and a number of improvements aimed mainly at the reporting of joint-stock investment funds and investment fund management companies, mutual funds and non-state pension funds. Read more here. It is mandatory for affected […]
The Central Bank of the Russian Federation has published its roadmap of strategies for developing more robust financial markets in that country. The document covers everything from improving the financial literacy of the general public, to improving access to capital, promoting transparency and participation in efforts to stabilise global markets.
Online media portal Russia Today is reporting that the Bank of Russia is planning on simplifying procedures for the issuance of securities by SMEs, including the introduction of XBRL. The intention is to improve the bond market by cutting costs and improving the flow of information to investors. The CBRF also plans legislation changes to improve overall handling […]
XII CEO John Turner spoke at the Finnopolis 2015 conference in Kazan, Russia last week and provides this short report: The conference brought together the Russian FinTech community, the financial services industry and the country’s regulators to discuss a broad range of measures that impact the accelerating digitisation of the Russian financial sector. The leadership of the […]