Bank of Russia approves permanent XBRL organisation

The permanent organisation will be responsible for the development of XBRL, the uniform international business reporting format, in Russia. The Bank of Russia intends to use it to collect and process supervisory, statistical and financial reports from non-bank financial institutions.

Over 100 market participants (including insurance and management companies, pension funds, professional securities market participants, self-regulatory organisations, IT industry enterprises, etc.) have expressed their willingness to join the organisation. The organisation will be registered by the Ministry of Justice as an autonomous non-profit organisation. Subsequently, its supervisory board will hold a session and the general management will convene to approve incorporation documents, working groups and committees. The first general meeting is scheduled for September.

All information about the organisation’s work will be posted at XBRL.ru