OREANDA-NEWS. The Bank of Russia Board of Directors approved a plan for transition of non-bank financial institutions (NFIs) to the unified electronic form based on XBRL (eXtensible Business Reporting Language) technical standards for reporting to the Bank of Russia.

XBRL is an up-to-date format for submitting financial, supervisory and other business statements.Information on XBRL format is published on the Bank of Russia website.

The Bank of Russia intends to gradually change automated processes for collecting and processing all types of NFI statements based on the new format. It will facilitate removal of excessiveness and duplication of reporting data, higher reliability and quality of received information, unification of format for interdepartmental and international electronic data exchange, and lower reporting workload of supervised institutions in the medium term. XBRL transition plan for NFIs is connected, inter alia, with gradual transition of NFIs to the unified chart of accounts and industry accounting standards based on the International Financial Reporting Standards from 1 January 2017. The implementation of XBRL plan provides for development of methodological and regulatory framework supporting the introduction of the new technique for report collection and processing, and improvement of architecture and technology of reporting data collection system. The project is to be implemented in approximately 3-5 years.

The Board of Directors also considered it appropriate that the Bank of Russia participate in the association XBRL International, Inc as a special member (jurisdiction). This will provide an access to the association's knowledge base, and enable the Bank of Russia to determine the main lines for developing XBRL format in Russia and to join the efforts of the Bank of Russia and other concerned agencies, market participants and software developers for introducing the unified reporting format in Russia.

XBRL International, Inc (see https://www.xbrl.org/) is an international organisation developing and providing access to technical standards (specifications) of this format. It unifies over 550 participants (members). All G20 and BRICS countries, except Russia, have established national jurisdictions on their territories.