New software released to help NFIs report in XBRL

The Bank of Russia has developed and released Converter software that converts reporting data of non-bank financial institutions (NFIs) into the XBRL format.

The new software will help NFIs switch to XBRL (a new reporting format), help regulated organisations compile reports in the new format and improve the quality of reporting.

Regulated organisations can already try XBRL reporting using both the Converter software and annotated templates of tables with up-to-date taxonomy, and data model.

The Bank of Russia plans to support Converter until 2021. By that time, it is expected that NFIs will switch to their own XBRL reporting solutions.

The Bank of Russia’s working group on the development and introduction of electronic reporting in XBRL is cooperating with software developers using the XBRL format in their solutions.