OREANDA-NEWS. April 04, 2016. The Bank of Russia has released its core taxonomy necessary for non-bank financial organisations (NFO) as they migrate to XBRL (eXtensible Business Reporting Language), an extensible language for digital business reporting. The core XBRL taxonomy is a set of meta data generated according to certain rules, data models, descriptions of reporting forms and the procedure for their compilation and control.

This taxonomy relates to accounting (financial) statements, supervisory and statistical reports prepared by insurance companies and non-governmental pension funds. The core taxonomy as being introduced will help achieve key objectives in the migration to XBRL: to introduce new industrial accounting standards and the Unified Chart of Accounts for NFO, to standardise NFO reporting, to standardise business and financial information exchange principles and to promote competitiveness and transparency in the Russian financial market.

The release contributors included representatives of leading consulting companies, IT developers, industrial associations and major financial market participants, who take part in the Bank of Russia working group dealing with XBRL-based e-reporting development and implementation.

In 2016 Q2 and Q3, the Bank of Russia plans to update its XBRL taxonomy taking into account market participants’ feedback, with a view to initiating in 2018 its use for capturing and processing NFO reports.