Bank of Russia launches its quarterly XBRL Bulletin

The first issue features an open reporting standard XBRL, G20 regulators' initiatives to optimise reporting, Bank of Russia project to transfer non-bank financial institutions (NFIs) to XBRL, and also information on related measures.

The Bulletin will publish important and topical information on the theory and practice of applying XBRL by financial and banking regulators of various countries. The publication will highlight in detail Bank of Russia actions to introduce XBRL in this country.

“We hope that the new bulletin will become an authoritative platform for sharing experience, discussing topical issues related to the introduction of the new data presentation format, — Sergey Shvetsov, Bank of Russia First Deputy Governor, said in the opening address to the first issue. — I invite all market participants to become active partners of the new bulletin. Only in this way it will be really useful”.

The Bank of Russia is currently implementing the project of transferring NFIs to a single electronic reporting format XBRL used by a majority of developed countries.

This will simplify the procedure for submitting statements, improve the quality of regulatory environment, ensure a simpler data exchange between various agencies, and also reduce costs of supervised organisations in the course of compiling and submitting statements.