XBRL Project in the Bank of Russia

Transcription

1 НАЗВАНИЕ ПРЕЗЕНТАЦИИ XBRL Project in the Bank of Russia Olga Goncharova Director of Reports processing department Bank of Russia

2 2 XBRL НАЗВАНИЕ PROJECT ПРЕЗЕНТАЦИИ Agenda 1. About the Bank of Russia 2. Timeline 3. Key success factors 3.1. International cooperation 3.2. Internal collaboration 3.3. External communication 4. Next steps

3 XBRL НАЗВАНИЕ PROJECT ПРЕЗЕНТАЦИИ 3 About Bank of Russia (1/2) History Bank of Russia was founded in 1990, on the basis of the State Bank of the USSR Independence Bank of Russia carries out its functions independently from the federal, regional and local government Key Functions a single state monetary policy the issuer of cash, manages international reserves, protect the ruble and ensure its stability the creditor of last resort for credit institutions (~ 600 banks) responsible for developing the financial market of the Russian Federation (~ companies) exercises registration, supervision and oversight over the financial market; self regulation functions implements industry accounting standards and chart of accounts exercises control over use of insider information and market manipulation protects the rights and interests of shareholders and investors in the financial markets; complaints management

4 XBRL НАЗВАНИЕ PROJECT ПРЕЗЕНТАЦИИ 4 About Bank of Russia (2/2) THE FEDERAL FINANCIAL MARKETS SERVICE REGULATED ORGANIZATIONS: INSURANCE COMPANIES PENSION FUNDS STOCK EXCHANGES CLEARING ORGANIZATIONS PAYMENT SYSTEMS BROKERS AND DEALERS MANAGEMENT COMPANIES DEPOSITARIES INVESTMENT FUNDS Ministry of Finance chart of accounts (not suitable for financial operation accounting) THE CENTRAL BANK OF THE RUSSIAN FEDERATION REGULATED ORGANIZATIONS: BANKS NON-BANK CREDIT ORGANIZATIONS Special chart of accounts for banks After 2013 THE BANK OF RUSSIA MEGA REGULATOR REGULATED ORGANIZATIONS: BANKS NON-BANK CREDIT ORGANIZATIONS INSURANCE COMPANIES PENSION FUNDS STOCK EXCHANGES CLEARING ORGANIZATIONS PAYMENT SYSTEMS BROKERS AND DEALERS MANAGEMENT COMPANIES DEPOSITARIES INVESTMENT FUNDS Unified chart of accounts - non-lending financial institutions IFRS based - banks IFRS based from 2019 (t.b.d.) * MICROFINANCE (2014) LEASING (2020+) (t.b.d.) *Non-lending financial institutions are currently included in the scope of the Project, banks will be included after 2018.

5 XBRL НАЗВАНИЕ PROJECT ПРЕЗЕНТАЦИИ 5 XBRL Project backgrounds Long term view Bank of Russia considers important to ensure access of Russian companies to innovative digital technologies. Implementation of new IT solutions in the financial sector is aimed at reduction of transaction costs of financial market participants and expansion of consumer access to various financial products and services New financial statements requirements and IFRS based accounting are mandatory for non-lending financial institutions from 1 January A new standardised chart of accounts for non-lending financial institutions is mandatory from 1 January Regulatory (prudential) reporting requirements for non-lending financial institutions were reconsidered and aligned with financial IFRS based reporting, moratorium on further changes in R&D activities over the new unified reporting format in Methodological backgrounds Technological backgrounds 5 XBRL implementation in September 2015 Start the project

6 6 XBRL НАЗВАНИЕ PROJECT ПРЕЗЕНТАЦИИ Unification stages of NFI reporting 2 XBRL Start + Provisional Jurisdiction Basic taxonomy Extended taxonomy Final taxonomy UCA* and supervisory unification 3 UDM** *UCA Unified Chart of Accounts **UDM - Unified Data Model 4 Implementation of supervisory reporting requirements in to the XBRL format. Development of the Bank of Russia s regulations for participants of the securities market, insurance market, nongovernment pension funds for the obligatory submission of financial and supervisory reporting to the Bank of Russia in XBRL format 5 Improvement of reporting requirements (excluding duplicate concepts, combining forms containing identical concepts, establishing the requirement for a single disclosure of identical information for NFIs with multiple licenses).

7 XBRL НАЗВАНИЕ PROJECT ПРЕЗЕНТАЦИИ 7 Key success factors XBRL community 01 International cooperation XBRL International XBRL Russia Internal collaboration 02 Stakeholders within CBR Benefits for end users 03 External communication Working groups Change management Government bodies CBR

8 8 XBRL НАЗВАНИЕ PROJECT ПРЕЗЕНТАЦИИ International cooperation meeting in China and studying Chinese experience of XBRL implementation meetings with international experts (William Gee, PwC, China; Sebastian Gurgul and Mariusz Romanchuk, Fujitsu Group) on XBRL standard meeting with representatives of the Central bank of the Netherlands and studying SBR and XBRL implementation experience Quality review by John Turner, XBRL International CEO conference «XBRL Week in Frankfurt 2016» conference «Data Amplified 2016» in Singapore Fujitsu software users conference «2 nd European Interstage XWand Users Meetimg», Malta thematic workshop on data gaps on systemic risk in the insurance sector, organized by the Financial stability Board (FSB) and the International Association of insurance supervisors (IAIS) in Basel, Switzerland XBRL week in Frankfurt am Мain, Germany workshop «German central credit register», organized by German Federal Bank with participation of central banks of the Eurasian economic union countries in Frankfurt am Main, Germany conference «Data Amplified 2017» in Paris, France

9 XBRL НАЗВАНИЕ PROJECT ПРЕЗЕНТАЦИИ 9 Internal collaboration Supervision Financial market Reports Processing Department of the Bank of Russia Statistics Benefits Reduction of redundancy and deduplication of requirements More than concepts in the supervisory and financial requirements for NFOs have been transformed to about concepts in the taxonomy 94 forms in the supervisory requirements for Professional Participants of the Securities Market are deduplicated to 58 forms Unified meta-language of the Bank of Russia Full cycle of infrastructure for receiving, processing, storing and analyzing reports in the XBRL format in the Bank of Russia has been generated Advanced analytics on the basis of a single taxonomy data model in single data storage Step to cross-sectoral supervision A unified data model for all economic sectors Single cloud of references Cross-sectoral concepts for Financial and Supervisory reporting

10 10 XBRL External communication НАЗВАНИЕ PROJECT ПРЕЗЕНТАЦИИ Working group 150+ members Charge management interviews, articles, forums, conferences, etc activities Pilot group 24 organizations Publication of XRBL for Dummies and XBRL specifications in Russian Bulletin of XBRL from the Bank of Russia Consideration of SBR approach Regulations of changes in the taxonomy Education programmes and online courses Benefits Data Quality More than 5000 assertions Methodologically equal indicators are filled once Cost reduction Unification of the technological approach will allow supervisors to reduce the cost of ownership of IT systems Transparency in the process of making changes to requirements Taxonomy undergoes changes twice a year Publication of preliminary version of taxonomy 3 month before it comes into force International integration The taxonomy of the Bank of Russia is based on the IFRS taxonomy (IFRS) and includes IFRS taxonomy concepts. Fully complies with the international XBRL 2.1 specification

11 11 XBRL НАЗВАНИЕ PROJECT ПРЕЗЕНТАЦИИ Further developments After 2018 XBRL for banks ЭТАП 4 XBRL as a unified format for G2G reporting XBRL in the Eurasian Economic Union (EAEU) - decision to be taken based on results of the current XBRL project on non-lending financial institutions - expected decision date is banks report in IFRS since the unified chart of accounts and regulatory reporting are not yet based on IFRS. - IFRS based accounting is expected from extension of the XBRL taxonomy as a unified format for G2G reporting - discussions with Federal Tax Service (FTS) initiated in Currently FTS uses XML - cooperation with Ministry of Finance and Ministry of Economic Development in establishing one window reporting system - development and implementation a number of unified XBRL taxonomies within the Eurasian Economic Union - negotiations initiated with the National Bank of the Republic of Kazakhstan and the National Bank of the Republic of Belarus! The extension of the Project to other Non-lending Financial Institutions

12 НАЗВАНИЕ ПРЕЗЕНТАЦИИ Bank of Russia the Central Bank of the Russian Federation Appendix

13 XBRL НАЗВАНИЕ PROJECT ПРЕЗЕНТАЦИИ 13 Bank of Russia XBRL taxonomy Total count of elements*: Unified Chart of accounts ~7100 Financial reporting data ~2100 Supervisory and statistics ~3100 Grand total FINREP/COREP ~2 500 IFRS Taxonomy ~4 500 Solvency Taxonomy ~ closed type Core financial data Unified Chart of Accounts ~300 IFRS ~100 ~6500 IFRS taxonomy elements business rules 350+ analytics for number of elements Common dictionaries in taxonomy ** Nov, 2017 *Elements - business reporting concepts defined in a taxonomy and quantified in an XBRL instance document.

14 ПРОЕКТ XBRL НАЗВАНИЕ PROJECT XBRL ПРЕЗЕНТАЦИИ ДЛЯ НФО 14 XBRL taxonomy administration Taxonomy administration to be performed by the separate unit within Bank of Russia. Key milestones of the process are outlined below. Changes Not significant Significant Description New / modified requirements submission date by departments within Bank of Russia Development of a new release Less than 15% of elements and / or dimensions 30 September 31 March 6 month period 6 month period New release publication 28 February 31 August New release taxonomy takes effect 30 June 31 December More than 15% of elements and/or dimensions and/or request to develop new taxonomy Specific timeline and working plan are developed