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News February 2016 Electronic tagging of charity accounts supported by consultation

Electronic tagging of charity accounts supported by consultation

15 February 2016

09/16

Proposals to enable the electronic tagging of charities’ accounts have been welcomed by respondents to a consultation carried out by the Financial Reporting Council (FRC) and the Charity Commission (CC).

The finalised tagging charity convention (“taxonomy”), in line with the recently issued Charity SORP (Statement Of Recommended Practice) FRS 102, has been issued today.

Melanie McLaren, FRC’s Executive Director for Codes and Standards, said: “On the whole, responses to the consultation have been positive. The digital taxonomy will help make data more accessible and transparent. Some smaller charities expressed concern that implementing digital tagging will be costly and cause more work for them. However the Charity Commission has said that it will not be obligatory to carry out digital filing.”

Notes to editors:
  1. 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.

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