XBRL FRC Taxonomies

Consultation on proposed amendments to the FRC Taxonomies

June 2018

The FRC are consulting on conventions for the electronic tagging of accounts to support the objectives of enhancing the quality and accessibility of financial reporting in the UK and to enable digital reporting of IFRS and UK GAAP standards. The FRC is committed to seeking evidence from consultation with users, preparers and others. Accordingly, the proposed amendments to the FRC taxonomies may be modified in the light of comments received before being issued in final form.

The proposed amendments mainly relate to IFRS standards that have been endorsed since the last set of amendments to the FRC Taxonomies:

  • IFRS 9 Financial Instruments
  • IFRS 15 Revenue from Contracts with Customers
  • IFRS 16 Leases

IFRS 15 and IFRS 9 are effective for annual periods beginning on or after 1 January 2018 and IFRS 16 is effective for annual periods beginning on or after 1 January 2019. Preparers will need amendments to the Taxonomies to be able to digitally report under these standards from 1 January 2019. There are also some amendments proposed to improve the taxonomies. 

The consultation period will close on 28 August 2018. The proposed amendments relate to the FRC’s Taxonomies: UK IFRS, FRS 101, FRS 102 and Charities and FRC 2019 taxonomy documentation (supporting documents, key information sheets and release notes). 

The taxonomies are available for review on Yeti:

https://uk-taxonomies-tdp.corefiling.com/yeti/

Mapping documents detailing all the changes that are proposed to the FRC taxonomies with the relevant highlighting according to the type of change and the standard to which the proposed changes can be found:

The mapping documents are designed to enable software houses to easily identify the proposed amendments. Four colours are used with:

  • red denoting a proposed deletion,
  • green a proposed addition,
  • yellow a change to an existing line, and
  • orange to indicate deprecated items. 

Two new columns have been added to the start of each sheet to provide more information in relation to the change. The first column ‘Description of Change’ provides a brief but informative description of the nature of the changes, giving greater detail. The second column ‘Ancestry Change', indicates that a concept has moved within the current hierarchy.

Developer and Tagging guides are available in the section: Design and Guides, which outline the approach taken to the design of the taxonomies. The reports on the impact on FRC Consistency Checks and Joint Filing Common Validation Checks are available to download below:

HMRC, Companies House and the Irish Revenue Commissioners are expected to adopt the taxonomies in due course when they are finalised. 

FRC taxonomies

December 2017

The FRC has made amendments to the suite of taxonomies last issued in December 2015. 
 
Versions of the full suite of FRC taxonomies for 2018 were released on 18 December 2017 to reflect the amendments made to UK GAAP Financial Reporting Standards on 14 December 2017 which are available for early-adoption as from the date of release.  All reporters may elect to use the taxonomy versions released on 18 December 2017.  Those reporters not early-adopting the amended standards who wish to continue to report using the previous versions of the above taxonomies, may continue to do so.

  • 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.

A zip file for the amended taxonomies can be downloaded here. A mapping for software companies of the amended taxonomies to those issued in September 2014 can be found here
 
HMRC and Companies House are adopting the charity taxonomy and the amended taxonomies for filings of accounts. 

Previous Versions

The Charities FRS 102 SORP Taxonomy (v1.1.1) and the FRC Taxonomy (v2.1.0) are both available to view here.

HM Revenue and Customs filing requirement

HM Revenue and Customs (HMRC) updated their systems in April 2018 to accept Company Tax returns containing accounts that have been tagged with the 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

  • 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

An updated version of the Charity taxonomy was released by the FRC and the Charity Commission (CC) on 18 December 2017 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. Those reporters not early-adopting the amended FRS 102 standard who wish to continue to report using the previous version of the charity taxonomies, may continue to do so. 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. 


Contact:

Jennifer Guest - Project Director, Accounting and Reporting Policy.

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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. Read or download a Developers Guide (PDF), Tagging Guide (PDF) and Accounts Taxonomies Design Guide (PDF). 

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, Charity Commission and the Institute of Chartered Accountants in England and Wales, as well as the FRC. XBRL UK has also been involved.

Consistency Checks

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 (Zip file).

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:

Press release 

Consultation: XBRL Accounts Taxonomies 

 

Members of the Governance Committee

Anthony Appleton, FRC (Chair)
Catherine Crowsley, BEIS
Christine Suddaby, HMRC
Jennifer Guest, FRC
Jon Rowden, PwC
Mike Nash, Companies House
Nigel Davies, Charity Commission
Philip Allen, XBRL UK
Richard Anning, ICAEW
Richard Day, XBRL Ireland
Robert Stenhouse, Deloitte
Sean Callaghan, EY
Seema Jamil-O’Neill, BEIS

Members of the Technical Task Force

Jennifer Guest, FRC (Chair)
Alexandra John, IRIS Software Group
Andrew Hughes, HMRC
Christopher Mills, CoreFiling
James Johns, Deloitte
Kashi Booluck, PwC
Kim Andrews, Charity Commission
Kyle Lamb, EY
Marshall Matthews, KPMG
Martin Davey, TaxCalc
Mike Nash, Companies House
Nicolas Duvauchel, CoreFiling
Pauline Smith, IRIS Software Group
Richard Rumsey, Sage
Simon Warren, Caseware
Stephan van Niekerk, EY
Susan Brownlow, Sage

Research

Two white papers on the successful use of XBRL in the UK and on Inline XBRL have been published on 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.