XBRL - a new reporting language for financial institu-tions

The historical aspect of the process oftransformation of the financial reporting language is considered in the article, including concerning Russian participants of the securities market.
The description of the changes connected with transition to a new format of the reporting regulatory data is provided. The relationship between increasing the effectiveness of the interaction of the participants in the relationship in the framework of prudential supervision, caused by a change in the reporting procedure, and a reduction in the regulatory risks of the market participants themselves are considered. Factors confirming the historically conditioned necessity of the transition of Russian participants of the securities market to the format of regulatory reporting based on the XBRL specifications, which is a logical consequence of the dynamic changes in the world practice of forming and presenting business reporting, are revealed.
Conclusions are drawn about the practical significance of the changes occurring in the part of prudential supervision, the convergence of reporting data with international standards, simplifying the access of consumers of financial services and investors to detailed, transparent and reliable reporting.