Transfer of non-bank financial institutions to the new reporting format has begun its final stage

The Bank of Russia has published the final taxonomy of accounting (financial), supervisory, and statistical reporting for certain non-bank financial institutions (NFIs). This is the key technological document required to transfer NFIs to the new reporting format XBRL (eXtensible Business Reporting Language).

According to schedule, insurance companies, non-governmental pension funds, joint-stock and unit investment funds, investment fund management companies, professional securities market participants, trade organisers, clearing institutions, and central counterparties will be obliged to use XBRL to file reports to the Bank of Russia from early 2018.

The final version of the taxonomy is based on the draft version published on the Bank of Russia’s official website in July 2017. Due regard has been paid to consultations and discussions undertaken with leading consulting companies, IT-developers, industry associations, and the largest financial market participants.

In August, the regulator published its ‘Converter’ software, which can be used to convert reporting data into the XBRL format, check it against controls formalised in the Bank of Russia’s XBRL taxonomy, and generate a reporting package to be sent to the Bank of Russia. Therefore, while the deadline for filing XBRL reports is not yet pressing, market participants are already able to test the reporting package generation process.

In November, the regulator plans to issue the ‘XBRL questionnaire and editor’ software that will provide more functions than the Converter and will allow table-based annotated taxonomy visualisation templates to be used in preparing data for reporting.

The transfer to the use of the international business reporting format is one of the key projects of the Bank of Russia. It will lead to higher credibility and quality of reporting data, eliminating redundancy and duplication.