XBRL.ru website launched

A website dedicated to XBRL, the international standard for business reporting, has been developed and launched with the participation of the Bank of Russia. 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 (NFI).

The website will aggregate XBRL news, publish materials about this format as well as field-specific documents, training programmes, information about events and developments in XBRL. The website is also intended to be used as a platform for cooperation and information exchange between XBRL community members in the Russian Federation.

The website was created in the run-up to the launch of permanent XBRL representation in Russia, which will be responsible for developing and promoting this format. It will include representatives of NFIs, public authorities, IT-developers, consultancies and universities. XBRL.ru will also publish all the information about the organisation’s activity.

The transfer to the international standard for business reporting is one of the Bank of Russia’s key projects. It 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. Ultimately, it will save NFIs time and money in compiling statements.