Migration To XBRL: Rely On Professionals

According to Bank of Russia project, from the January 1, 2018 all non-bank institutions will have to migrate to a unified electronic format of accountant financial reporting and to supervisory and statistical reporting in XBRL format.

Difficulties in Bank of Russia XBRL taxonomy and new reporting forms fulfillment for any period of time can be overcome with help from professional players of IT market. 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, connected with company's accounting systems and providing high level of reporting automation in XBRL.

After training conducted by ICL Services experts, a participant of Central Bank pilot group, insurance company "Sogaz" 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 institutions migrated to a new accounting plans, industry-specific accounting standard 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 to settle the issue with XBRL in more simple, reliable and fast manner."