XBRL Reporting Format Becomes Mandatory for Financial Market Entities

Strategic Insights -

The XBRL reporting format has been mandatory for various entities in the Russian financial market since 2018, expanding to include new groups such as insurance brokers, credit rating agencies, and self-regulatory organizations in 2021 and 2024, respectively. The format is used for submitting reports to the Central Bank of Russia, with entities required to use a specific taxonomy and follow established procedures and deadlines. As of June 30, 2023, the state corporation Deposit Insurance Agency has switched to submitting reports in XBRL format.

Key Takeaways:

  • The XBRL reporting format has been mandatory for insurers, professional securities market participants, trade organizers and clearing organizations, non-state pension funds, joint-stock investment funds, investment fund management companies, mutual investment funds, and non-state pension funds since 2018.
  • The format was expanded to include insurance brokers and credit rating agencies in 2021, specialized depositories in 2021, credit history bureaus in 2022, investment platform operators, financial platform operators, operators of information systems in which digital financial assets are issued, and digital financial asset exchange operators in 2023, and self-regulatory organizations in the financial market in 2024.
  • Entity types affected by the change include:

+ Insurance brokers (as of 01.04.2021)

+ Credit rating agencies (as of 01.04.2021)

+ Specialized depositories (as of 01.10.2021)

+ Credit history bureaus (as of 01.01.2022)

+ Investment platform operators (as of 01.04.2023)

+ Financial platform operators (as of 01.04.2023)

+ Operators of information systems in which digital financial assets are issued (as of 01.04.2023)

+ Digital financial asset exchange operators (as of 01.04.2023)

+ Self-regulatory organizations in the financial market (as of 01.04.2024)

  • The state corporation Deposit Insurance Agency switched to submitting reports in XBRL format as of June 30, 2023.
  • Entities must use the final XBRL taxonomy of the Central Bank of Russia and follow established procedures and deadlines when reporting in XBRL format.

Statistics:

  • Entities affected by the mandatory XBRL reporting format expanded by 14 types between 2018 and 2024.
  • The format now includes:

+ Insurers

+ Professional securities market participants

+ Trade organizers and clearing organizations

+ Non-state pension funds

+ Joint-stock investment funds

+ Investment fund management companies

+ Mutual investment funds

+ Non-state pension funds

+ Insurance brokers (14 entities)

+ Credit rating agencies (14 entities)

+ Specialized depositories (14 entities)

+ Credit history bureaus (14 entities)

+ Investment platform operators (14 entities)

+ Financial platform operators (14 entities)

+ Operators of information systems in which digital financial assets are issued (14 entities)

+ Digital financial asset exchange operators (14 entities)

+ Self-regulatory organizations in the financial market (14 entities)

  • The XBRL Questionnaire Editor software provides a list of duplicate indicators in different reporting forms with the numbers of such forms.

Sources:

  • Central Bank of Russia
  • Bank of Russia (01.04.2021)
  • Central Bank of Russia (01.01.2022)
  • Central Bank of Russia (01.04.2023)
  • Central Bank of Russia (01.04.2024)
  • Deposit Insurance Agency (June 30, 2023)