Russian students and financial market participants to be instructed in the international business reporting standard XBRL
The first Russian academic department specialising in international reporting standard XBRL has been set up at the Financial University under the Government of the Russian Federation with the active assistance of the Bank of Russia.
On 22 November 2017, the opening ceremony of the department was attended by the First Deputy Governor of the Bank of Russia, Ksenia Yudaeva, and the Financial University rector, Mikhail Eskindarov.
“Transition to XBRL format for both the Bank of Russia and the market is a serious challenge, as there are currently rather few experts in this format. That explains the importance of education for a successful transition to XBRL”, said Ksenia Yudaeva. “The Bank of Russia has already offered training sessions using own resources and in collaboration with audit firms and self-regulatory organisations, but in view of the market size and its pressing demand for many specialists, the training process shall involve higher educational institutions. We highly appreciate that educational institutions share our concerns”.
The key objective behind the creation of the specialised department XBRL Technologies is to train financial sector specialists in theoretical knowledge on the international reporting standard XBRL and in practical skills of compiling reporting using this standard. Academic programmes for the new department have been elaborated by university tutors jointly with Bank of Russia specialists and leading experts of this sector.
The transition to the international business reporting standard XBRL is one of the Bank of Russia’s high-level projects. The regulator is set to use this format to collect and process supervisory and statistical reports and accounting (financial) statements of non-bank financial institutions.
XBRL will ensure greater reliability and a higher quality of reporting data, eliminate their redundancy and duplication, and allow the regulator to single out required information with greater efficiency and precision and structure it in a simpler manner.
In early 2018, the mandatory use of XBRL standard for submitting reporting to the Bank of Russia is scheduled for insurers, non-governmental pension funds, joint-stock and unit investment funds, management companies of investment funds, professional securities market participants, trade organisers, clearing companies and persons acting as a central counterparty.
