XBRL project for non-lending financial institutions (NFI)
In accordance with Russian legislation, currently in the Bank of Russia receives a large number of different types of statements. Reporting is required for the analysis of the financial result of supervised institutions, to identify violations and negative trends in their business. In addition, the reporting is necessary for the collection of statistical data, monitoring market conditions and to determine the vector of its development. It is also a source of information for developing effective policies for regulating different sectors of the market.
Existing accounting, supervisory and statistical reporting, the technology of collection and processing, as well as analysis and monitoring on the basis of these statements require significant development and improvement.
In connection with this project the implementation of XBRL has been approved for NFI transition to an electronic format for the bases of reporting. The implementation of XBRL project for the NFI is the first step in the transition to a uniform electronic format of all financial market participants. The use of technology in the preparation of XBRL reporting will allow solving a number of tasks, such as:
- elimination of redundancy and duplication of reporting data by building a unified system for collecting and processing reports on the basis of IFRS;
- improving the reliability and quality of the reported data by unifying and automating processes;
- increasing openness and transparency of financial information to all market participants;
- reducing the burden on reporting entities;
- standardization of formats, inter-agency and international electronic data interchange;
- Integration of the Russian national NFI business in the international information space.
10 February 2017
The team at Threadneedle street are busy. Hot on the heels of the Capital+ taxonomy, arrives a new draft taxonomy for comment. This is a set of PRA requirements for bank Financial Statements.
01 February 2017
Sad news this week as we heard that Prof. Hans Rosling passed on, a year after making public his battle with pancreatic cancer. Still, as the team at his foundation, GapMinder.org point out, he might not be with us in person, but his legacy, words and actions remain. Rosling’s focus was bringing facts to decision makers in digestible form.
11 January 2017
A new piece from Professor Mervyn King SC, the founder of the Integrated Reporting movement, is worth reading. He’s discussing a new book from Relational Analytics called “The Relational Lens”.