Diasoft Takes Active Part in Development of the XBRL Standard in Russia

Monday, April 16, 2018

Diasoft, a member of the work group of the Bank of Russia for implementation of the XBRL format and the Unified Chart of Account in Russia, has proved its expertise in successful migration of non-credit financial organizations to regulatory reporting in the XBRL format, which allowed the company to work as a Privileged Member of the Russian Permanent XBRL Jurisdiction.
In its new status, the company will have immediate access to all changes in requirements to reporting in the new format and be able to use consultancy services of the regulatory authority on any issues related to creation, implementation and development of the XBRL format.
Besides Diasoft, other IT companies and representatives of the Bank of Russia, the requirements of the XBRL Jurisdiction also refer to public authorities, non-credit financial organizations, self-regulated organizations, consulting, credit and rating agencies, and universities. The Permanent XBRL Jurisdiction is responsible for creation and control of the use of XBRL in Russia. Its mission is to support, develop and set standards of use of this format in the country by providing assistance in projects for implementation of the XBRL standard in organizations and authorities and through cooperation with XBRL International and XBRL jurisdictions in other countries.
Diasoft has become a privileged user of services of the XBRL jurisdiction partly due to the successful training and certification of members of Diasoft’s XBRL Engine development team by the XBRL Foundation.
“Obtaining the right to work as a member of the XBRL Jurisdiction has proven the high expertise of our team, because one of the mandatory requirements for achievement of this status was to pass the international certification”, commented Igor Shabanin, Deputy Head of  the BI Solutions and Reporting Department, XBRL Engine Product Director at Diasoft. “Now we can take part in meetings of the Advisory Board not only as listeners, but also as initiators of important changes, contributing to development of the XBRL standard in Russia. Our new status also provides benefits to our customers, since it allows us to rely on support of specialists of the Bank of Russia during implementation of XBRL Engine”.
The market has already seen examples of successful use of XBRL Engine for migration of non-credit financial organizations to the new reporting format. This experience includes projects in different types of companies: insurance companies, private pension funds, professional participants of the securities market, asset management companies, and investment funds. For example, this April Diasoft announced that the private pension fund “First Industrial Alliance” successfully submitted its reports for January 2018 in the new format. The company highly estimated the simplicity of use of XBRL Engine, which allowed it to easily achieve the required result. Based on this experience, it took a decision to continue its cooperation with Diasoft and is currently working on preparation of regulatory reports for the Bank of Russia for the first quarter of 2018.

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