The Auditing Practices Board (APB) of the FRC has today issued guidance for auditors where financial statements have been tagged for XBRL purposes.

Richard Fleck, Chairman of the APB and a director of the FRC said,

“XBRL tagging of UK statutory financial statements is required for tax purposes in 2011. This guidance provides background information on that requirement and on the application of APB’s Ethical Standards for Auditors to non-audit services relating to XBRL tagging. Currently XBRL tagging is not within the same scope of an audit performed under ISAs (UK and Ireland).”

The guidance is set out in Bulletin 2010/1 which may be downloaded free of charge from the Publications (Bulletins) section of this website. Printed copies at a cost of £5, post free, are available from FRC Publications, 145 London Road, Kingston upon Thames, Surrey KT2 6SR. Telephone 020 8247 1264. Email: customer.services@cch.co.uk. Website: http://www.frcpublications.com/.

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
2. The APB is committed to leading the development of auditing practice
   • To establish high standards of auditing;
   • To meet the developing needs of users of financial information; and
   • To ensure public confidence in auditing.
3. The APB issues Bulletins to provided auditors with timely guidance on new and emerging issues. They are indicative of good practice and persuasive rather than prescriptive.
4. All press enquiries should be directed to: Jon Grant on 020 7492 2410.