Important stage in the migration of non-bank financial institutions to new reporting format completed

The Bank of Russia released a core document setting grounds for the migration of non-bank financial institutions (NFIs) to the unified format of business reporting XBRL — an extensible XBRL taxonomy.

Migration to the international business reporting standard is one of Bank of Russia key projects. It will improve the reliability and quality of reporting data, eliminate data redundancy and duplication, and allow the regulator to single out and structure required data segments with greater efficiency and precision. This will eventually reduce financial costs for NFIs and time spent by them on reporting compilation.

The Bank of Russia drafted the new document using its base XBRL taxonomy which was published on 31 March 2016. The document includes updated requirements for supervisory and statistical reporting, and also accounting (financial) reporting indicators for insurance companies, non-governmental pension funds and professional securities market participants. The extensible taxonomy is the result of consultations and discussions with leading consulting companies, IT developers, professional associations and top financial market participants.

The testing of the extensible XBRL taxonomy and the new system of reporting compilation will be run by a pilot group consisting of 19 companies operating in the financial market. The Bank of Russia will start getting statements in new format in April 2017. Based on the testing findings, the regulator will refine the extensible taxonomy, with its final version to be ready in 2017 Q3. From 2018, the majority of NFIs will begin using the XBRL format to compile and process reporting data.