Two white papers on the successful use of XBRL in the UK and on Inline XBRL have been published on the XBRL UK website: xbrl.org.uk
. These are an important means of explaining the benefits of the UK approach and encouraging efficient use of XBRL in other projects.
The FRC has made amendments to the suite of taxonomies issued in September 2014 by implementing additional tags to enable:
- Micro preparers to tag using only those parts of the FRS 102 taxonomy which are relevant
- Small preparers using FRS 102 to do likewise
- FRS 101 preparers using the IFRS formats to tag using the extant IFRS taxonomy
- The introduction of an Abridged Accounts indicator
- To insert 150 new tags over and above the 50 tags which already exist in the taxonomies for the reporting of subsidiaries. Further, to introduce a tag to indicate companies which have more than 200 subsidiaries.
A zip file for the amended taxonomies can be found here
A mapping for software companies of the amended taxonomies to those issued in September 2014 can be found on the following link
HMRC and Companies House are adopting the charity taxonomy and the amended taxonomies for filings of accounts.
The Charities FRS 102 SORP Taxonomy (v1.1.1) and the FRC Taxonomy (v2.1.0) are both available to view at the following location: https://protect-eu.mimecast.com/s/aJeKBcXG9U2
HM Revenue and Customs filing requirement
HM Revenue and Customs (HMRC) have updated their systems in April 2016 to accept Company Tax returns containing accounts that have been tagged with the revised taxonomies.
The revised taxonomies can be used by all companies that have to prepare accounts under one of the following accounting frameworks:
EU-adopted International Financial Reporting Standards (IFRS)
Financial Reporting Standard (FRS) 101
FRS 102 Section 1A Small Entities
FRS 105 Financial Reporting Standard applicable to Micro-entities
The taxonomies are already mandatory for HMRC for accounts that are prepared under FRS 101, FRS 102 or EU-adopted IFRS. Companies preparing accounts under these accounting standards should use the new additional XBRL tags. The taxonomies have been designed with full tagging in mind and so accounts and computations must be fully tagged insofar as the taxonomy used contains appropriate XBRL tags.
The Charity taxonomy can be used by all charities that have to prepare accounts under the following accounting framework, but is mandatory for large charities with income over £6.5m:
Charities FRS 102 SORP.
Charity Accounts Taxonomy
The FRC and the Charity Commission (CC) have on 15 February 2016 issued the Charity taxonomy conventions in final form for the electronic tagging of charity accounts to support the CC’s objectives of enhancing the quality and accessibility of financial reporting for Charities in the UK and Ireland.
The iXBRL accounts tagging convention (Charity “taxonomy”) has been updated in line with the Charity SORP (FRS 102) and the FRC’s financial reporting standard FRS 102. The taxonomy will be used when tagging charity accounts for electronic filing and for other analytical purposes. Electronic tagging helps users of financial information to extract relevant information from corporate reports and analyse it more efficiently.
Charities FRS 102 SORP taxonomy (zip file)
FRC press release
Charity Commission press release
Responses to the consultation
Design and Guides
The charity taxonomy follows a similar approach in content, design and style to the existing UK GAAP and IFRS taxonomies, published by the FRC, that are currently used by UK organisations in submitting their accounts in iXBRL format. The taxonomies contain design improvements which should allow easier, fuller and more accurate tagging of accounts data in iXBRL. Their content has been carefully developed to reflect expected reporting under the relevant standards. A Developers Guide, Tagging Guide and Accounts Taxonomies Design Guide accompany the taxonomies and can be downloaded as follows:
Developer Guide - FRC Taxonomies
Tagging Guide - FRC Taxonomies
FRC Accounts Taxonomies Design
The taxonomies have been developed by a project team at the FRC with guidance from a technical task force and under the oversight of a Governance Committee which includes staff from leading advisors, BIS, HMRC, Companies House and the Institute of Chartered Accountants in England and Wales, as well as the FRC. XBRL UK has also been involved.
A set of Consistency Checks documents that will aid developers and preparers in creating checks on summation and consistent tagging of accounts are available here:
XBRL Consistency Checks
Historical Consultation Information
The original consultation on the extant taxonomies closed on 8 July 2014. The comment letter responses which the FRC received can be found here
Documents relating to the Consultation can be downloaded as follows:
Consultation: XBRL Accounts Taxonomies
Members of the Governance Committee are as follows:
Anthony Appleton, FRC (Chair)
Jack Mansfield, Companies House
Jon Rowden, PwC
Nigel Davies, Charity Commission
Philip Allen, XBRL UK
Richard Anning, ICAEW
Richard Day, XBRL Ireland
Robert Stenhouse, Deloitte
Jamshed Malik, HMRC
Sean Callaghan, EY
John Conway, Department of Business, Energy & Industrial Strategy
Members of the Technical Task Force are as follows:
Jack Mansfield, Companies House (Chair)
Amy Noblett, Sage
Andrew Hughes, HMRC
Kashi Booluck, PwC
James Johns, Deloitte
Jennifer Guest, FRC
Kim Andrews, Charity Comission
Kyle Lamb, EY
Marshall Matthews, KPMG
Martin Davey, IRIS Software Group
Nico Duvauchel, CoreFiling
Richard Rumsey, Sage
Simon Warren, Caseware
Stephan van Niekerk, EY
: Jennifer Guest
, Project Director, Accounting and Reporting Policy.