Roles in the digital reporting process

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A circular diagram showing four groups involved in the XBRL process. At the top, ‘Companies’ with the caption ‘Prepare & Implement.’ On the right, ‘Regulators & Agencies’ with the caption ‘Collect & Validate.’ At the bottom, ‘Investors & Users’ with the caption ‘Access & Interpret.’ On the left, ‘FRC & XBRL Industry’ with the caption ‘Guide & Support.’ Each group surrounds a central circle divided into four coloured quadrants with icons representing documents, tools, data entry and analysis. Illustrations of people holding documents or working on devices appear in the corners around the circle.

Broadly, there are four types of stakeholders and each use XBRL for different reasons throughout the digital reporting process.

  • Companies apply digital tags to their financial statements using software, review the tags they have selected, and submit their accounts to FCA. Companies House and HMRC.
  • Regulators & Agencies collect and validate digitally tagged data and use it for analysis, oversight, and public disclosure.
  • Investors and users access the data and use it to support decision making.
  • The FRC sets the UK XBRL taxonomy, provides guidance and engages with the software industry so they can build tools for companies to use.

Next steps

Where to go for more:

Introduction to the Digital Reporting Education resource centre

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