XBRL FRC Taxonomies

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.  

FRC taxonomies

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 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. 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) 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

  • 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. 

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 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)
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

Jack Mansfield, Companies House (Chair)
Amy Noblett, Sage
Andrew Hughes, HMRC
Kashi Booluck, PwC
Chris Mills,CoreFiling
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