Non-bank financial institutions: new reporting template

The Bank of Russia has published a beta version of the final taxonomy for accounting (financial) supervisory and statistical statements of insurance companies, non-governmental pension fund and professional securities market participants for their transition to XBRL (eXtensible Business Reporting Language).

In the near future, the regulator will also post software that uses this taxonomy to convert reporting data into XBRL format and compile reports. Thus, market participants will have a chance to explore the process of report compilation.

The beta version of the final taxonomy is based on a data model and previous reporting forms. Its structure and content closely approximate the content of the final taxonomy, to be published in autumn 2017.

Starting from 1 January 2018, the use of XBRL will be binding for collection and processing of the statements of insurance companies, non-governmental pension funds, securities market participants and asset managers of unit investment funds and joint-stock investment funds.