Following transfer of responsibility to the Financial Reporting Council (FRC), the XBRL accounts tagging conventions (“taxonomies”) have been updated and the FRC announces a public consultation on three of the taxonomies to enhance the quality of financial reporting in the UK and Ireland.
Taxonomies are used when tagging accounts for electronic filing and for other analytical purposes. Electronic tagging helps users of financial information in corporate reports to extract the information they want and analyse it more efficiently.
These are the first taxonomies resulting from the project which was announced in September 2013 to improve the quality of electronic tagging of accounts and reflect UK reporting using EU adopted IFRS as well as the new financial reporting standards (FRS 101 and FRS 102) for the UK and Ireland. They can be viewed at https://uk-taxonomies-tdp.corefiling.com/yeti
or downloaded from the FRC website https://xbrl.frc.org.uk/
The consultation will close on 08 July 2014 after which the taxonomies will be finalised. HMRC and Companies House are expected to adopt the taxonomies in due course for filings of accounts under the relevant standards. The Irish Revenue Commissioners also expect to adopt these taxonomies once the appropriate Irish extensions are available.
Notes to Editors
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
Financial information in corporate reports is now often electronically “tagged” so that users of the data can more easily pull out the information they want and analyse it more efficiently. iXBRL is a technology that enables this to be done in a standardised way. Following transfer of responsibility to the FRC, the iXBRL tagging conventions – taxonomies – have been updated to reflect the new Financial Reporting Standards (FRS 101 and 102) for the UK and Ireland introduced by the FRC in March 2013.
UK companies already have to submit their accounts to HMRC in XBRL format and many also voluntarily do so when they submit them to Companies House. Updating the XBRL tagging conventions will enable companies to continue to do so after they have adopted the new accounting standards.
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