Migration to XBRL: Rely on Professionals
According to the Bank of Russia project, all non-bank financial institutions (NFIs) will have to provide transition to the unified electronic form based on XBRL format for submitting financial, supervisory statements and statistical reporting from January 1, 2018.
IT market professionals can help to overcome difficulties in XBRL taxonomy and completing new reporting forms for any accounting period required by the Bank of Russia. Currently, ICL Services provides trained experts who can, in a short period of time, consult on application of XBRL technology using Fujitsu XWand Toolkit, partially automate XBRL reporting creation process, as well as create an integrated solution that is connected with company’s accounting systems and provides high level of reporting automation in XBRL.
After training conducted by ICL Services experts, a participant of the Central Bank’s pilot group, Sogaz insurance company, successfully created reporting for the first half-year in a new format. In total, more than 30 companies already use Fujitsu XWand in a test mode, and 4 companies have purchased the solution.
«During the past year non-bank financial institutions migrated to a new accounting plans, industry-specific accounting standards and report delivery format — these are large-scale changes, especially for medium and small companies», comments Lenar Akberov, system analyst in ICL Services. «If the first stage is finished, and automation of the second one often is performed by the company itself, Fujitsu XWand allows settling the issue with XBRL in more simple, reliable and fast manner.»