Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG

    Dear Participants of the International Financial Congress,

    We are pleased to present the XBRL: First Results of Statements Collection. Further Steps session, which will take place on 8 June at the Presentation Area of the International Financial Congress.

    After the Bank of Russia acquired the functions of the mega-regulator, the need for systemic transformation of accounting, regulation and supervision arose. In this regard, since 2015 the Bank of Russia has been actively implementing transition to the XBRL unified business reporting format.

    Since 1 January 2018 the use of the format has become mandatory for four segments of the non-banking financial institutions (NBFI) market: insurers, private pension funds, securities market professionals, joint-stock investment funds, investment funds managing companies and mutual investment funds.

    In order to facilitate the transition of NBFIs to the XBRL format, the Bank of Russia completed a number of actions, including two free software solutions developed and published on the Bank of Russia’s official website, which convert reporting data: Converter and XBRL Questionnaire Editor.

    Starting 2019, the following segments of the NBFI market will gradually transfer to the XBRL format: credit rating agencies, insurance brokers, specialized depositories, microfinance organizations, credit consumers’ and housing saving cooperatives, agricultural credit consumers’ cooperatives and pawnshops.

    At the International Financial Congress panel session, Olga Goncharova, Director of the Statements Collection and Processing Department of the Bank of Russia, will present preliminary results of the XBRL reporting, plans for 2018 as a part of the XBRL Implementation Project for the NBFI, and answer questions on the XBRL from participants of the International Financial Congress.

    A detailed Presentation Programme can be found on the official website of the Congress.

    We look forward to seeing you!