Bank of Russia Implements XBRL for SMEs

Online media portal Russia Today is reporting that the Bank of Russia is planning on simplifying procedures for the issuance of securities by SMEs, including the introduction of XBRL. The intention is to improve the bond market by cutting costs and improving the flow of information to investors. They also plans legislation changes to improve overall handling of debt with an eye towards reducing reliance on banks as a source of funding for SMEs.

More regulators are seizing on the opportunity presented by using structured data and the resulting transparency to meet strategic aims like promoting economic growth, transforming capital markets or improving government performance. This is a trend we expect to see more of and to make its way down into the enterprise as well. 

(source: XBRL International Newsletter)